On Wednesday, gold prices in Pakistan saw a remarkable surge, aligning with the rise in international gold rates.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the local market experienced a significant jump in the cost of gold per tola, marking an increase of Rs4,250. As a result, the price per tola reached Rs287,450.
Furthermore, the 10-gram gold rate also soared, reaching Rs246,440 after an increment of Rs3,642.
International Gold Rate Impact
The international price of gold witnessed a notable increase on Wednesday. According to reports from the APGJSA, the gold rate per ounce stood at $2,751, which includes a premium of $20. This represents a $40 increase in the gold rate per ounce during the day.
Earlier on Tuesday, gold price per tola increased by Rs300, settling at Rs283,200. This steady rise highlights the growing global demand for gold and its impact on the local market.
Not only gold but silver prices in Pakistan also experienced an upward trend. On the same day, silver per tola increased by Rs59.4, reaching Rs3,431. This reflects the broader precious metal market dynamics in Pakistan.
In October of last year, gold prices in Pakistan touched an all-time high of Rs287,900 per tola. This record-setting peak underscores the volatile nature of gold prices in the region.
Global Gold Prices Reaching 11-Week Highs
Globally, gold prices hit an over 11-week high on Wednesday. This surge was driven by safe-haven demand as uncertainties surrounding US President Donald Trump’s trade policies created instability. A weaker dollar further bolstered gold's appeal as a safe investment.
The spot gold price added 0.3%, reaching $2,751.89 per ounce as of 0502 GMT. This brings gold prices dangerously close to their record high of $2,790.15 set in October.
The recent increase in gold prices suggests a continued upward trend, driven by both domestic demand in Pakistan and global market conditions. Analysts predict that gold may further escalate, particularly if global uncertainties persist.
