Gold prices soared to another record high in Pakistan on Friday, reflecting a global upswing that has seen the precious metal break new barriers.
Data from the All Pakistan Sarafa Gems and Jewellers Association showed that the price of 24-karat gold per tola jumped by Rs1,200, touching Rs377,900. Ten grams rose by Rs1,029 to Rs323,988.
Internationally, gold gained $12 per ounce, hitting $3,552. The rise is attributed to investor appetite for safe-haven assets as economic uncertainty clouds markets. Currency fluctuations and speculation of slower growth are also playing a role.
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Silver prices, in contrast, showed no movement. The price per tola remained at Rs4,315, while 10 grams stayed at Rs3,699. This stability highlights the contrasting dynamics between the two metals.
Traders in Pakistan said the steep hike in gold prices has reduced buying activity, particularly among households planning weddings or long-term savings. “People are only window-shopping. The affordability crisis is real,” one jeweller said.