KARACHI: Gold prices surged further in the local market on Wednesday, rising by Rs4,300 per tola in line with continued strength in the international bullion market, and setting a new all-time high both regionally and globally.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold climbed to a record Rs486,162 per tola, extending the sharp rally seen over recent sessions.
The price of 10-gram gold also increased significantly, gaining Rs3,687 to settle at Rs416,805, as strong investor interest outweighed weak retail demand.In the international market, gold prices advanced by $43 to reach $4,638 per ounce, supported by persistent geopolitical uncertainty, concerns over global economic growth, and expectations that interest rates in major economies may remain elevated for longer. Market participants said these factors continued to strengthen gold’s appeal as a safe-haven asset.
Local bullion dealers noted that gold prices in Pakistan are generally fixed with a premium of around $20 per ounce over international rates. This premium reflects exchange rate movements, import and financing costs, and domestic market conditions.
Silver prices also recorded a sharp rise alongside gold. Rates increased by Rs500 to Rs9,575 per tola, while the 10-gram silver price rose by Rs429 to Rs8,209. Traders said silver continued to benefit from a combination of investment demand and its use in industrial applications.
Jewellers said soaring bullion prices have further weakened demand for ornaments, as purchases for weddings and other events are increasingly postponed. The market remains dominated by investment buying, with investors favouring gold and silver as hedges against inflation, currency weakness, and ongoing financial uncertainty.
Analysts expect volatility to persist in the days ahead, cautioning that movements in international markets, shifts in the US dollar, and signals from global central banks will remain key drivers of bullion prices.
