Gold Prices Hit Record High in Pakistan, Soar by Rs5,100 per Tola in One Week

Influenced by international market trends, gold prices in Pakistan skyrocketed this week, with a substantial rise of Rs5,100 per tola, bringing the price to an all-time high of Rs277,000. In the same period, the price of 10 grams of 24-karat gold jumped by Rs4,372, reaching Rs237,482.

This surge is mirrored in the global market, where the price of gold per ounce rose by $48 to $2,665. Experts attribute the hike primarily to the geopolitical unrest and increased demand from China and India, two of the world’s largest gold consumers. In times of global uncertainty, gold is considered a safe investment, which has further driven up prices.

According to traders, this upward trend is likely to continue, and the price may reach Rs300,000 per tola by next year. They cite strong demand, reduced interest rates in the US and Russia, and ongoing global tensions as key factors driving the price hike.

Additionally, gold imports into Pakistan saw a significant drop in August, with a decrease of 41.64% compared to the previous year. Only 22 kg of gold were imported during the month, amounting to an import bill of $1.742 million, a stark contrast to last year’s figure of 47 kg in the same month.

Investors and traders alike are eyeing gold as a secure asset in an increasingly volatile market. With expectations of further price increases, gold remains one of the most attractive investment options for many in Pakistan.