Gold prices in Pakistan have surged to historic highs, making the precious metal increasingly unaffordable for ordinary citizens. Both gold and silver rates touched record levels across the country on Monday, following a strong rally in international markets driven by expectations of US interest rate cuts and rising demand for safe-haven assets. For global gold trends, check Kitco Gold Prices (DoFollow).
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) (DoFollow), the price of 24-karat gold jumped sharply. One tola gold surged by Rs6,200 to reach Rs462,362, while 10 grams rose by Rs5,315 to Rs396,400. These prices exceeded the previous peak on October 17, confirming the rapid rise in gold prices in Pakistan.
Gold Prices in Pakistan Nearly Double Since January
At the beginning of the year, gold was priced at Rs273,600 per tola and Rs234,568 per 10 grams, based on an international gold rate of $2,624 per ounce. Since then, prices have skyrocketed, with per-tola gold increasing by Rs188,762 and 10-gram rates by Rs161,794. International gold prices have also jumped by around $1,776 per ounce to $4,400.
For global gold updates, check FXStreet Gold Rates .
Additionally, for a historical perspective, see our Gold Market Reports .
Experts say that besides international demand, factors like currency fluctuations and investor sentiment are also significantly influencing gold prices in Pakistan, making it essential for buyers to stay informed before making purchases.
Experts say that besides international demand, factors like currency fluctuations and investor sentiment are also significantly influencing gold prices in Pakistan, making it essential for buyers to stay informed before making purchases.
Global Factors Pushing Gold Prices Higher
Experts say the surge in gold prices in Pakistan is largely linked to global financial trends. Expectations of lower US interest rates have weakened the dollar, increasing gold’s appeal as a hedge against inflation and global economic uncertainty.
APSGJA President Qasim Shikarpuri stated that central bank gold purchases worldwide have further driven prices up. For details on international reserves, visit the World Gold Council .
This global demand has created a ripple effect in Pakistan, with investors rushing to secure gold as a safe asset. Financial advisors recommend that buyers carefully monitor market trends to avoid losses due to volatile pricing.
Gold Becomes Unaffordable for Ordinary Pakistanis
With rising living costs, high electricity bills, and increasing utility charges, most ordinary citizens cannot afford gold jewellery. Jewellery buyers now account for barely 15% of the market, according to APSGJA. Many families are selling old jewellery to meet daily expenses, highlighting the growing financial pressure.
Some consumers have even delayed weddings and other social events due to the skyrocketing gold prices in Pakistan, indicating the metal’s strong influence on social and economic activities.
Jewellery Traders Feel the Pressure
The slowdown in gold sales has impacted jewellery traders. Shops are struggling to cover electricity, rent, and salaries due to fewer buyers.
Traders warn that if gold prices in Pakistan remain high for a prolonged period, the jewellery industry could face further decline. This slowdown may also affect employment in the sector, as smaller shops may reduce staff to cut costs.
Silver Prices Also Hit All-Time High
Alongside gold, silver prices also reached historic highs. One tola silver rose to Rs7,205 and 10 grams to Rs6,177, reflecting daily increases of Rs218 and Rs187, respectively. International silver prices climbed to $69.30 per ounce. For global silver updates, see Investing.com Silver Prices .
Many investors are now diversifying into silver to hedge against gold volatility, as silver remains relatively more affordable and offers an alternative investment option.
Market Outlook
Analysts predict that with global economic uncertainty, continued central bank demand, and expected monetary easing, precious metal prices may remain volatile in the coming months. For now, gold prices in Pakistan have turned the yellow metal into a luxury that many can no longer afford.
Investors are advised to monitor both international gold trends and local price updates to make informed decisions. Additionally, awareness of market factors such as geopolitical tensions and currency fluctuations can help consumers and traders plan better. advised to monitor both international gold trends and local price updates to make informed decisions.
