Gold Price Today Hits Record High in Pakistan
The record high gold prices in Pakistan are a result of global market trends, with the price of gold per ounce reaching $3,050, and are expected to have a significant impact on the local market, particularly small and medium-sized gold jewellery and ornaments-making units.
Gold prices in Pakistan have reached a new high, with the price of 10-gram gold increasing to Rs 275,034 and one tola gold reaching Rs 320,800, following a global market surge to $3,050 per ounce.
The National Bank of Pakistan's Treasury & Capital Markets Group issued an Exchange Rates Bulletin on March 21, 2025, listing foreign exchange rates in Pakistan, amidst the rising gold prices. The increase in gold prices is attributed to a rise in world gold rates, which have reached $3,038 per ounce. The Apex Sarafa Gems and Jewellers Association (APSGJA) President Muhammad Qasim Shikarpuri expects the world gold rate to range between $3,200-3,300 in the future.
However, the rise in gold prices is also affecting the local market, with small and medium-sized gold jewellery and ornaments-making units experiencing a decline in orders for new jewellery sets. Silver prices, on the other hand, declined by Rs 31 and Rs 26, settling at Rs 3,524 per tola and Rs 3,021 per 10 grams.
The gold price hike is expected to have a significant impact on the local market, with many traders and consumers waiting to see if the prices will stabilize or continue to rise in the coming days. The APSGJA President's prediction of a potential downward correction due to geopolitical tensions and other negative developments will be closely watched by market observers.