Gold prices in Pakistan soared on Saturday, with the gold rate reaching an all-time high in the local market. The surge comes amid rising international bullion prices and pressure on the Pakistani rupee against the US dollar.
According to the All Pakistan Sarafa Gems and Jewellers Association, 24-karat gold per tola jumped by Rs3,600, closing at Rs167,400. The gold rate for 10 grams of 24K gold increased by Rs3,172 to settle at Rs143,486, while 10 grams of 22K gold rose to Rs131,538.
Traders attributed the price hike to global economic uncertainty and increased demand for safe-haven assets like gold. The weakening of the Pakistani rupee against the US dollar also contributed to the surge in the gold rate.
On the international front, gold prices climbed by $36 per ounce, trading at $1,947. The increase is linked to economic instability, a softer dollar index, and investor preference for precious metals amid market volatility.
Silver prices also saw a rise in Pakistan, with silver per tola increasing by Rs81 to reach Rs4,202. The 10-gram silver rate stood at Rs3,602, while global silver prices gained $0.81 to trade at $23.69 per ounce.
Experts predict that the gold rate in Pakistan may continue its upward trend if global economic uncertainties persist and the rupee remains under pressure. Investors are advised to monitor market movements closely before making purchases.
The sharp increase in gold prices is expected to impact the local jewelry market, with traders urging buyers to make timely investments. The surge also reflects the ongoing global shift toward safe-haven assets as inflationary concerns and financial market volatility rise.
In other news read more about Gold Prices Surge in Pakistan Amid Global Uptrend – Check Per Tola Rate
