Gold prices in Pakistan saw a sharp increase on Tuesday, driven by a strong rally in the international market and further fueled by the continuous depreciation of the Pakistani rupee.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold rose by Rs2,100 per tola, reaching Rs349,200 — a significant jump reflecting both global and local pressures. Similarly, the price for 10 grams climbed by Rs1,800, now sitting at Rs299,382.
This spike comes as global gold prices jumped by $21 per ounce, hitting $3,310, a fresh high. The surge highlights renewed interest in gold as a safe-haven asset amid global economic concerns, inflation fears, and geopolitical tensions.
Jewellers in local markets say the rally is largely influenced by two major factors: international demand and a weakening rupee. Since gold is imported and traded in dollars, any fall in the local currency translates into higher domestic prices.
Read more: Gold Prices Hit Record High in Pakistan Amid Global Surge
“We’re seeing a strong reaction in prices, and it’s a mix of global cues and our rupee’s situation,” said a jeweller in Karachi. “While some buyers are hesitant due to the spike, long-term investors are still showing interest.”
Despite the bullish momentum, there was some cooling in the market during early trading. As of 0935 GMT, spot gold slipped 0.8% to $3,313.23 an ounce, while US gold futures dropped 0.7% to $3,323.80. Experts say price corrections like this are typical after steep climbs.
Other precious metals also saw movement. Silver rose 0.4% to $33.30 an ounce, platinum edged up 0.2% to $988.60, while palladium dipped 0.5% to $944.22.
With economic uncertainty looming and currency pressures unlikely to ease soon, analysts expect gold to remain in focus both globally and in Pakistan. For many, it’s not just about jewellery anymore — it’s about stability in unstable times.
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