KARACHI: Gold prices extended their relentless upward trend on Monday, rising by Rs6,200 per tola in the local market, as international bullion rates also moved higher azmid persistent global uncertainty and strong investor demand for safe-haven assets.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold climbed to Rs462,362 per tola. This surpassed the previous peak recorded on October 17, when gold had reached Rs456,900 per tola. With the latest increase, gold prices have now touched a fresh all-time high in the domestic market.
Similarly, the price of 10-gram gold rose by Rs5,315 to Rs396,400, reflecting the sharp momentum seen in both local and global markets.The surge followed gains in the international market, where gold prices increased by $62 to $4,400 per ounce. For comparison, international gold had last traded near its previous peak of $4,358 per ounce on October 17. Market participants said the renewed rally was driven by heightened geopolitical tensions, expectations of prolonged high interest rates, and growing concerns over global economic growth.
Local bullion dealers noted that gold prices in Pakistan are usually adjusted with a premium of around $20 per ounce over international rates, accounting for exchange rate movements, import costs, and domestic demand conditions.
Silver also joined the rally, with prices rising by Rs218 to Rs7,205 per tola, while 10-gram silver increased by Rs187 to Rs6,177. With this latest jump, silver is also trading at record-high levels in both local and international markets.
Despite soaring prices, jewellery demand remains severely depressed. Karachi-based senior goldsmith Muhammad Shafi Khan had earlier warned that sales of jewellery had dropped to “an alarming level,” forcing many skilled workers out of the sector. “The trained workers are now working in other industries, as the sale of jewellery has decreased,” he said.
He added that the market dynamic has shifted decisively towards investment buying. “People are buying raw gold as a source of investment. Investors are investing in gold and silver, which are considered safe havens,” Khan said, a trend that traders say has only strengthened with each new price record.
