Gold Prices Surge by Rs 8,300 in Pakistan as Global Rates Climb

Gold prices in Pakistan surged sharply on Thursday, posting one of the biggest single-day jumps in weeks. The rise mirrored strong gains in the international bullion market and the continuing weakness of the local currency.

According to data released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold increased by Rs 8,300 per tola, reaching Rs 443,062.
Likewise, the price of 10 grams of gold climbed by Rs 7,116, settling at Rs 379,854.

On Wednesday, gold had recorded a decline of Rs 1,000 per tola, closing at Rs 434,762, before rebounding strongly in the latest session.

Global Prices Drive Local Surge

The international gold rate also advanced notably. APGJSA reported that global bullion traded around $4,207 per ounce (including a $20 premium), marking an $83 increase during the day.

Analysts attribute the uptick to persistent global inflation fears, uncertainty around US monetary policy, and heightened geopolitical risks that have encouraged investors to move toward safe-haven assets.

“Gold continues to attract investors amid inflation and currency volatility,” said Muzammil Aslam, an economic analyst based in Karachi. “Local prices follow the global trend instantly because Pakistan imports most of its gold, and the rupee’s weakness magnifies every global increase.”

Silver Follows Upward Trend

Silver prices in the local market also recorded gains. The per tola silver rate rose by Rs 228, reaching Rs 5,662, while the 10-gram rate climbed proportionally, according to the association’s figures.

Jewellers noted that overall retail buying remains subdued due to persistently high prices, though wedding-season demand is keeping basic sales stable.

Economic Outlook

The sharp jump in gold prices highlights the ongoing macroeconomic uncertainty. With the rupee hovering near record lows and inflation remaining high, safe-haven assets like gold are seeing renewed interest among investors.

Experts predict continued volatility in precious-metal prices through the remainder of November as both domestic currency pressures and global market dynamics play out.

“Unless the rupee strengthens and international prices settle, domestic gold rates are likely to remain elevated,” said Dr. Shahid Hassan, senior economist at IBA Karachi.

Thursday’s rally has once again pushed gold to record highs in Pakistan, underscoring the sensitivity of local markets to global trends.
With uncertainty persisting, traders expect fluctuations to continue in the coming days.

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