Gold prices in Pakistan hit a historic milestone on Monday, surpassing Rs400,000 per tola for the first time ever.
The All Pakistan Sarafa Gems and Jeweler Association reported that the price of 24-karat gold per tola rose by Rs5,900, reaching Rs403,600 from the previous Rs397,700. Likewise, 24-karat gold per 10 grams increased by Rs5,058, bringing the new rate to Rs346,021 against Rs340,963 earlier. The sharp hike has added to the burden on jewelry buyers already coping with high living costs.
Analysts linked the surge to global market trends, where international gold prices jumped $59 to $3,818 per ounce, up from $3,759. They said heightened geopolitical tensions and global economic uncertainty have pushed investors toward gold as a safe-haven asset.
Local bullion traders warned of further volatility in the days ahead, noting that the surge is likely to affect both consumers and investors, especially as Pakistan continues to grapple with inflationary pressures.
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