KARACHI — The price of gold in Pakistan has climbed to yet another historic high, touching Rs 442,800 per tola on Wednesday, as global market trends and local economic pressures continue to drive the precious metal upward.
According to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold rose by Rs 1,900 per tola in the local market, setting a new record for the country. Meanwhile, the rate for 10 grams of gold surged by Rs 1,629, bringing it to Rs 379,629.
The upward trajectory was not limited to the domestic market. In the international market, gold prices also increased by $19 per ounce, reaching $4,217. Analysts say this sharp rise reflects growing investor anxiety amid global economic uncertainty, fluctuating currencies, and inflationary pressures.
Experts attribute the surge to a mix of international and local factors including the weakening of the Pakistani rupee, reduced investor confidence in paper assets, and renewed global demand for safe-haven investments. “Whenever uncertainty rises whether economic, political, or financial gold becomes the go-to security blanket for investors,” one market analyst noted.
Historically, gold has been viewed as a reliable store of value, especially during periods of inflation or instability. In Pakistan, demand for gold often spikes during such times, both as an investment and as a cultural asset tied to weddings and savings.
It’s worth recalling that last year, Pakistan revised its gold pricing mechanism, pegging the local rate at $20 per ounce above the international market price to better reflect domestic market conditions.
With prices now hitting unprecedented highs, traders and consumers alike are watching closely some seeing opportunity, others bracing for further strain on purchasing power as the country’s economic challenges persist.
