Gold prices in Pakistan hit another milestone on Tuesday, pushing closer to the psychological barrier of Rs. 400,000 per tola. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola surged by Rs. 4,100, reaching Rs. 388,100 compared to Rs. 384,000 a day earlier. This marks the highest-ever recorded price for gold in the local market.
10 Grams of Gold Value Soars Sharply
The value of gold per 10 grams also witnessed a significant increase in Tuesday’s trading session. The price of 24-karat gold climbed by Rs. 3,514, settling at Rs. 332,733 compared to Rs. 329,219 on Monday. For buyers seeking 22-karat gold, the rate increased by Rs. 3,222, bringing the new price to Rs. 305,016, up from the previous Rs. 301,794.
Rising Silver Prices Add to Market Pressure
The surge was not limited to gold, as silver prices also followed an upward trajectory. The cost of 24-karat silver per tola rose by Rs. 20, reaching Rs. 4,358, while the price of 10 grams of silver climbed by Rs. 17, closing at Rs. 3,736. This consistent upward momentum has added additional pressure on both consumers and traders in the bullion market.
Global Market Trends Influence Local Prices
International markets played a key role in driving local bullion rates higher. On the global front, silver prices advanced by $0.20, reaching $41.25 per ounce compared to $41.05 in the previous session. Although gold prices on the global exchange remain volatile, Pakistan’s domestic market has been significantly impacted due to currency devaluation and rising international bullion trends.
Impact on Investors and Ordinary Buyers
The continuous rise in gold and silver prices has created both challenges and opportunities. Investors view the soaring rates as a safe-haven asset amid economic uncertainty, while ordinary buyers face increasing difficulty in affording jewelry and ornaments. The wedding season, which usually boosts demand for gold, is being overshadowed by the steep surge in rates, making purchases more expensive for middle-class households.
Outlook as Gold Nears Rs. 400,000
Market analysts believe gold prices may continue their upward journey, potentially crossing Rs. 400,000 per tola if global rates and currency weakness persist. With inflationary pressures already burdening the economy, the rising cost of precious metals signals more challenges for consumers. At the same time, traders and investors remain optimistic, expecting gold’s rally to sustain momentum as Pakistan aligns with global market patterns.
