ISLAMABAD: Gold prices in Pakistan soared to an all-time high on Monday,with per tola price reaching Rs480,962 after a massive single-day increaseof Rs7,700, intensifying concerns among investors and jewelers aboutsustained inflationary pressures and currency volatility. The dramatic jumpreflects strong international momentum in precious metals, where bullioncontinues to benefit from geopolitical tensions and expectations ofmonetary policy shifts. This latest record has shattered previousbenchmarks, drawing widespread attention to the commodity’s role as asafe-haven asset in uncertain times.
The All-Pakistan Gems and Jewellers Sarafa Association reported that10-gram gold was traded at Rs412,347 on Monday following an upwardadjustment of Rs6,602 during the trading session. This substantial risecame just two days after Saturday’s notable increase, when per tola goldclimbed by Rs3,700 to settle at Rs473,262. The back-to-back gains indicateaccelerating bullish sentiment in both domestic and global markets. Tradersobserved heightened demand from retail investors seeking protection againstrupee depreciation and rising living costs across the country.
On the international front, spot gold prices surged by $77 during the day,pushing the precious metal to $4,586 per ounce, with dealers quoting apremium of approximately $20 over the benchmark rate. This sharpappreciation in global bullion has directly influenced local pricingmechanisms, as Pakistan imports significant quantities of gold and followsinternational trends closely. Analysts attribute the worldwide rally topersistent inflation fears, central bank gold purchases, and ongoinguncertainties surrounding major economies, factors that continue tounderpin gold’s appeal as a hedge against financial instability.
The domestic precious metals market also witnessed silver reaching a freshhistoric peak, with the white metal climbing by Rs430 to trade at Rs8,895per tola. This simultaneous upward movement in both gold and silverunderscores broad-based strength in precious commodities, driven by similarmacroeconomic drivers. Jewelers and market participants have expressedconcerns that the relentless price escalation could dampen wedding seasondemand and affect overall jewelry consumption in the coming months, even asinvestment buying remains robust.
Market experts monitoring the trend suggest that further gains remainpossible if international gold sustains its momentum above the $4,500 leveland if local currency pressures persist. The record-breaking levelsachieved this week represent a significant milestone in Pakistan’s goldmarket history, highlighting the commodity’s growing importance amideconomic challenges and global volatility.
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Source: https://www.dawn.com
Tags: Pakistan, Gold Prices, APGJSA, International Gold
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