Gold prices in Pakistan have surged to unprecedented levels, with the price of one tola hitting Rs. 391,000, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This marks an increase of Rs. 4,700 in a single day, pushing the precious metal closer to the symbolic Rs. 400,000 per tola mark. Similarly, the rate for 10 grams of gold also touched a record Rs. 335,219, reflecting a daily increase of Rs. 4,030. Just a day earlier, gold was priced at Rs. 386,300 per tola, which shows the rapid pace of this surge.
Drivers Behind the Surge
The sharp rise in local prices is closely tied to the international bullion market. Gold in the global market recently climbed to US$3,689.27 per ounce, before settling near US$3,681.18. Futures for December delivery also remained steady at US$3,718.50 per ounce.
Analysts attribute this surge to market expectations of a potential interest rate cut by the US Federal Reserve. Such monetary moves typically reduce the appeal of the US dollar, making gold a more attractive safe-haven investment worldwide. This global momentum is directly impacting Pakistan’s gold market, especially since the country relies heavily on imported bullion.
Impact on Silver Prices
The rising trend wasn’t limited to gold. Silver prices in Pakistan also increased significantly, with a Rs. 53 gain per tola, bringing the price to Rs. 4,496. For small investors, silver often serves as a more affordable alternative, but even here, costs are climbing steadily.
Implications for Pakistan’s Economy
For Pakistani consumers and investors, this surge presents a double-edged sword. On one hand, gold remains a traditional safe investment, especially during times of economic uncertainty and inflationary pressures. On the other hand, rising costs put immense pressure on households planning weddings, gifts, or savings in gold.
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Local jewellers warn that sustained high prices could reduce consumer demand, while importers may face higher costs due to both international rates and currency fluctuations.
Outlook Ahead
As long as uncertainty remains in global markets and expectations of lower US interest rates persist, Gold Prices in Pakistan are likely to remain elevated. With the per tola rate edging closer to Rs. 400,000, the country may see new records in the days ahead.
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