Gold Rate in Pakistan Soars to New Heights
The surge in gold prices has been driven by rising international rates, with the price of gold per ounce touching a record high, and domestic markets feeling the impact with rising costs and negligible footfall in jewellery shops.
Gold prices in Pakistan have reached a new peak, with 24-karat gold selling for Rs348,000 per tola, a rise of Rs8,600, and 10 grams of gold increasing by Rs7,373 to Rs298,353, driven by soaring international rates amid intensifying trade tensions.
The surge in gold prices has been driven by rising international rates, which have touched a record high of $3,310 per ounce, up $46 from the previous day. The price of gold per ounce had increased by $6 the previous day, reaching $3,224. In Pakistan, the price of 10 grams of gold rose by Rs514, reaching Rs290,980, while the rate for one tola surged by Rs10,000 to Rs338,800.
Domestic gold markets remain largely deserted due to the rising cost of living, with only investors keeping the market alive. Jewellers are facing challenges amid negligible footfall in jewellery shops, and many are struggling to pay electricity bills and staff salaries. The rising gold prices have also led to a surge in the price of 22-karat gold, which increased to Rs266,741 per 10 grams.
The gold market in Pakistan is expected to remain volatile in the coming days, with prices likely to fluctuate based on international trends and trade tensions. As the cost of living continues to rise, it remains to be seen how the domestic gold market will respond to the soaring prices.