Gold prices in Pakistan surged to a new record high above Rs415,278 per tola on Monday, continuing a strong upward trend in local and international markets. The spike has investors and ordinary buyers closely monitoring the market as the precious metal shows no signs of slowing.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the local market saw a one-day jump of Rs5,400, while 10-gram gold rose by Rs4,629 to Rs356,033. On Saturday, gold had already reached Rs409,878 per tola after gaining Rs2,100, marking a sustained bullish streak over recent weeks.
Silver also rose, with its price increasing by Rs53 per tola to Rs4,949, following the general upward momentum in precious metals.
International surge fuels local gains
The record in Pakistan mirrors global gold movements, where prices crossed $3,900 per ounce for the first time. Spot gold reached $3,949.34 per ounce early Monday before settling around $3,942.59. US gold futures for December delivery rose 1.5 percent to $3,967.10.
Analysts attribute the rise to global uncertainty, including a partial US government shutdown, a weaker yen, and expectations of potential Federal Reserve interest rate cuts. “Appetite for gold remains heavily stimulated by ongoing US uncertainty,” said Lukman Otunuga, senior research analyst at FXTM. Ross Norman, an independent market watcher, added that investors continue buying amid fears of worsening instability.
A week of new record highs
Last week, Pakistani gold prices showed notable volatility. On September 29, gold stood at Rs403,600 per tola and climbed to Rs410,278 by October 1. After a brief dip on October 2 and stabilization on October 3, the price resumed its rise, closing at Rs409,878 before Monday’s record. This trend reflects the strength of the global rally and continuing investor interest.
For local buyers, the rise brings mixed emotions. Investors view gold as a safe haven, while ordinary consumers, particularly those planning weddings or savings, are increasingly priced out. With global uncertainty continuing, experts say relief in prices is unlikely soon.
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