Karachi: Gold prices in Pakistan jumped sharply, pushing the precious metal further out of reach for most consumers as market volatility continued to grip the economy.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold rose by Rs6,200 per tola in a single session.
Prices reach historic levels
Following the increase, the price of 24-karat gold climbed to Rs462,362 per tola, marking one of the highest levels on record.
Meanwhile, the price of 10 grams of gold rose by Rs5,315 to Rs396,400, traders said.
The sharp rise has added to uncertainty among buyers and jewellers, many of whom have already been cautious due to frequent price swings in recent weeks.
Mixed signals from financial markets
In contrast, broader financial markets showed mixed trends. Pakistan’s stock exchange recorded gains, offering some relief to investors and slightly boosting market confidence.
At the same time, the local currency strengthened marginally, with the U.S. dollar posting further declines in the open market, traders said.
Economic pressures drive gold rally
Market analysts said both global and domestic factors are driving the surge in gold prices. They pointed to global economic uncertainty, increased demand for safe-haven assets and ongoing local financial pressures as key contributors.
Experts warned that without stability in international and domestic economic conditions, gold prices could remain volatile in the coming days.
Growing strain on consumers
Rising gold prices have increasingly priced ordinary consumers out of the market, particularly for weddings and traditional purchases.
With gold now trading well above Rs400,000 per tola, analysts said further increases could deepen the impact on households and related businesses if the upward trend continues.
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