Gold Price Soars to Record Rs493,662 per Tola in Pakistan

KARACHI: Gold prices in Pakistan climbed to a new all-time high this week, with the per-tola rate rising to Rs493,662, as investors rushed towards safe-haven assets amid growing global uncertainty. According to Dawn, gold gained Rs4,300 in a single day, while the price of 10 grams increased to Rs423,235.

The local surge followed a strong rally in international markets, where spot gold moved past the $4,700 per ounce mark. Prices were pushed higher by rising geopolitical tensions and concerns over global trade. The Express Tribune reported that fears surrounding possible new tariffs announced by US President Donald Trump — including warnings aimed at European economies linked to the Greenland dispute — have boosted demand for gold as investors look for stability in shaky markets.

Silver prices also moved higher, rising to Rs9,869 per tola, up Rs87 on the day, as traders increased their exposure to precious metals.

Safe-Haven Demand Grows  

Market experts say the latest jump in gold reflects a broader shift by global investors towards safer assets. In overseas markets, gold briefly touched record intraday levels, while silver also hit historic highs. At the same time, the US dollar weakened as investors pulled back from riskier assets.

“Since the Greenland issue resurfaced over the weekend, gold has been climbing as soon as markets open,” said Adnan Agar, Director at Interactive Commodities. He cautioned, however, that the rally has been unusually sharp and may slow down, adding that silver prices, in particular, appear driven by speculation.

Impact on Local Buyers  

In Pakistan, rising gold prices have reduced jewellery sales. Dawn quoted All-Pakistan Sarafa Gems and Jewellers Association President Qasim Shikarpuri as saying that many buyers are postponing purchases. Instead, some are choosing to refurbish old silver jewellery rather than buy new gold items for weddings or gifts.

Shikarpuri also noted that despite record prices, gold in Pakistan remains around Rs30,000 cheaper than rates in Dubai, showing continued pressure from global market trends.

With global tensions unlikely to ease soon, gold and other precious metals are expected to remain in the spotlight, keeping investors and buyers cautious in the days ahead.

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