Gold prices in Pakistan reached a historic peak on Friday, with the cost of 24-carat gold per tola soaring by Rs 4,700 to Rs 314,000, marking a new all-time high, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). This sharp increase reflects the growing demand for gold amid economic uncertainties and inflationary pressures.
The price of 10-gram 24-carat gold also saw a notable rise of Rs 4,030, bringing the price to Rs 269,204. Meanwhile, the price of 22-carat gold per 10 grams increased by Rs 3,694, reaching Rs 246,779. This surge has made gold even more expensive for consumers, leading to a shift in buying patterns.
On the global market, international gold prices continued to climb steadily, with a $46 increase, bringing the price to $2,988 per ounce. Analysts attribute the upward trend to various factors, including inflation, growing central bank purchases of gold, and the ongoing economic instability worldwide. Central banks, particularly in emerging markets, have been increasing their gold reserves to hedge against currency volatility and inflation, which has significantly boosted demand.
In addition to gold, silver prices also saw a sharp increase, reflecting broader trends in the precious metals market. The price of 24-carat silver per tola rose by Rs 90, reaching Rs 3,530, while 10-gram silver climbed by Rs 77, reaching Rs 3,026. On the international front, silver prices also gained $0.86, pushing the price to $33.86 per ounce.
Experts suggest that the continued global economic instability, along with fluctuations in currencies and stock markets, are key drivers behind the surge in precious metal prices. With geopolitical tensions, inflation, and concerns over economic slowdowns worldwide, the demand for gold and silver as safe-haven investments remains strong. As a result, analysts predict that gold prices could continue to rise in the coming weeks, driven by both global demand and inflationary pressures.
