In a historic turn of events, gold prices in Pakistan have reached an all-time high, hitting Rs. 350,000 per tola for the first time ever. This sharp increase has sparked a wave of attention across the country, especially among investors, jewellers, and those planning weddings or saving for future milestones.
The sudden jump in gold prices came on Thursday, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of gold increased by Rs. 2,000 in just one day. At the same time, the rate for 10 grams of gold rose by Rs. 1,715, now priced at Rs. 300,068.
What’s pushing gold to these new heights? The primary driver is a surge in global gold prices. International markets witnessed a $19 increase per ounce on Thursday, bringing the rate to $3,329 (which includes a $20 premium). This global trend has a direct impact on local prices, which is why the effects are being felt so strongly in Pakistan.
This new record follows a dramatic rise just a day earlier, on Wednesday, when gold jumped by a whopping Rs. 8,600 per tola, setting a new high of Rs. 348,000. That record lasted barely 24 hours before being shattered again.
Economic uncertainty, currency depreciation, and increased demand for safe-haven assets are contributing factors to this steep climb. People often turn to gold during turbulent financial times, viewing it as a secure investment.
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The rising prices have led to mixed reactions. While investors are celebrating higher returns, many ordinary buyers, especially those preparing for weddings, are finding it difficult to cope with the rising cost.
As the gold market continues its upward trend, all eyes are now on the next move—will this rally continue, or is a correction on the horizon?
One thing is certain: gold has never been more valuable in Pakistan’s history than it is today.