Gold Price in Pakistan Surges by Rs.1,500 per Tola, Hits Rs.257,800
Gold price in Pakistan jumps Rs.1,500 per tola to Rs.257,800 amid global rise and rupee pressure.
he price of gold in Pakistan surged by Rs.1,500 per tola on Monday, following fluctuations in the international bullion market and continued pressure on the local currency.
According to the All Pakistan Gems and Jewellers Association (APGJA), the new rate for 24-karat gold has been set at Rs.257,800 per tola, while 10 grams of the precious metal now cost Rs.221,050.
In the international market, gold prices climbed by $12 per ounce, reaching $2,412, as investors turned to safe-haven assets amid global economic uncertainties.
Market experts say the surge in local gold prices is mainly due to the Pakistani rupee’s depreciation against the US dollar and the ripple effect of rising global demand.
Jewellers note that while gold remains a preferred hedge against inflation, high prices have significantly reduced retail buying in local markets. Most customers are now restricting purchases to wedding-related jewelry rather than investment buying.
Analysts predict that if the rupee continues to weaken and global gold prices stay bullish, the local market may see further hikes in the coming weeks.
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