A fresh wave of buying frenzy has gripped Pakistan’s bullion market, with gold prices soaring to never-seen-before levels.
On Wednesday, the price of gold jumped by Rs6,000 per tola, touching Rs376,700. Meanwhile, the rate for 10 grams climbed by Rs5,144, hitting Rs322,959. The rally also spilled over into silver, where the per-tola rate rose by Rs12 to Rs4,315.
Globally, the yellow metal stunned traders by recording a $60 surge in just one day, settling at $3,540 per ounce with an added premium. Experts believe that international economic concerns and increased investor appetite for safe assets have fueled this rally.
In Pakistan, however, the record-breaking rise has put ordinary consumers under immense pressure. Gold, a cornerstone of savings and wedding traditions, has become increasingly unaffordable for the middle class. Jewelers say sales have plummeted, with many customers now focusing only on essential purchases.
Market insiders caution that the frenzy may not be over yet. “If global prices remain elevated, we could see gold climbing even higher in local markets,” one Karachi-based dealer remarked.
For investors, the surge is both an opportunity and a risk. While many view gold as a secure store of value, sharp fluctuations raise concerns about stability in the months ahead.