The price of gold in Pakistan has reached an all-time high, driven by a strong rally in the global bullion market. In the local market, the price of gold per tola crossed Rs 551,000 for the first time in history, while global gold prices surged past the $5,300 per ounce mark.
According to the All Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of gold per tola rose by Rs 21,100 to reach Rs 551,662. Similarly, the price of 10 grams of gold increased by Rs 18,090 to Rs 472,961.
It is worth noting that during Tuesday’s trading session, gold prices had declined, with the per tola rate falling by Rs 1,500 to Rs 530,562. However, prices rebounded sharply later due to renewed momentum in the international market.
Silver prices also witnessed an increase, as the price of silver rose by Rs 271 to Rs 11,911 per tola, marking the highest level ever recorded in the local market.
In the international market, gold prices climbed to $5,311.31 per ounce, while spot gold rose 1.7 percent to $5,278.28 per ounce by 1605 GMT.
Experts attribute the surge in gold prices to global economic uncertainty, a weakening US dollar, concerns over the Federal Reserve’s policy stance, sustained buying by central banks, rising geopolitical tensions, and currency depreciation. Analysts say that despite technical signs of overbuying, the overall outlook for gold remains bullish.
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