Gold prices in Pakistan reach all-time high amid global surge

Gold prices in Pakistan hit a record high on Wednesday, following a sharp two-day increase driven by gains in the international bullion market, according to data released by the All Pakistan Sarafa Gems and Jewellers Association.

The price of 24-karat gold surged by Rs8,600 per tola, reaching an unprecedented Rs348,000. Similarly, the price of 10 grams of gold increased by Rs7,373, now standing at Rs298,353.

In the global market, gold prices also saw a notable jump of $46, trading at $3,310 per ounce on Wednesday.

This followed Tuesday’s upward trend, when gold prices rose both locally and internationally. In the global market, the price of gold had increased by $6, bringing it to $3,224 per ounce. In Pakistan, this led to a Rs600 rise in the price of 24-karat gold per tola, which climbed to Rs339,400, while the price of 10 grams rose by Rs514 to Rs290,980.

The consistent upward movement is attributed to continued strength in global demand and economic uncertainty, which has boosted gold’s appeal as a safe-haven asset.