Gold prices in Pakistan soared to a historic high on Tuesday, reflecting gains in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price per tola of gold rose by Rs4,700 to touch Rs391,000, the highest level ever recorded.
Similarly, the price of 10 grams of gold also increased by Rs4,030, reaching Rs335,219 in the local market. Just a day earlier, on Monday, the per tola rate stood at Rs386,300.
The surge in Pakistan’s bullion market mirrors the rally in global markets, where international gold prices climbed to $3,692 per ounce, up $49 from the previous session. The international rise was driven by expectations of a Federal Reserve rate cut and a weaker US dollar.
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Silver prices in Pakistan also saw an upward trend, rising by Rs53 to settle at Rs4,496 per tola.
Jewellers say the sharp increase has affected domestic demand, as ordinary buyers are struggling to keep pace with the rising cost of gold jewellery. Analysts warn that the current momentum could keep gold elevated until the Federal Reserve’s policy meeting concludes later this week.