The gold price hike in Pakistan gained momentum on Tuesday, fueled by a rally in international bullion markets and ongoing rupee depreciation. Investors are responding to rising global uncertainty, which has lifted the value of gold both internationally and at home.
Significant Increase in Local Gold Rates
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold surged by Rs2,100 per tola, reaching Rs349,200. Similarly, the rate for 10 grams of gold rose by Rs1,800, now standing at Rs299,382.
International Market Sets New Records
This domestic increase mirrors global trends, where gold prices have reached new highs. On the international market, gold climbed by $21 per ounce to settle at $3,310 — a sharp rise driven by investor demand amid global economic instability. Although spot gold dipped slightly by 0.8% to $3,313.23 an ounce as of 0935 GMT, it remains near record territory. US gold futures also saw a 0.7% decline to $3,323.80, reflecting market adjustments after the earlier surge.
Read: SBP Highlights Sharp Economic Recovery in H1-FY25
Jewellers Cite Rupee Depreciation
Jewellers across Pakistan attributed the local price jump not only to global demand but also to the depreciating Pakistani rupee, which increases the cost of importing gold. This dual impact continues to push prices higher, affecting both buyers and sellers in the local market.
Other Precious Metals Show Mixed Trends
Elsewhere in the precious metals market, spot silver saw a modest gain of 0.4%, reaching $33.30 an ounce. Platinum edged up by 0.2% to $988.60, while palladium fell 0.5% to $944.22.
The sharp movement in gold and other metals underscores investor concerns over inflation, currency volatility, and geopolitical risks. As long as these uncertainties persist, analysts expect the demand for safe-haven assets like gold to remain strong, keeping upward pressure on prices.
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