Gold price in Pakistan hits historic high

Gold prices in Pakistan shattered all previous records Thursday, as one tola of 24-karat gold surged by Rs 2,000, reaching an all-time high of Rs 350,000, according to data released by the All Pakistan Sarafa Gems and Jewellers Association.

The rally in local prices mirrors the global market trend, where international gold rates jumped by $19, settling at $3,329 per ounce.

In line with the spike, 10 grams of 24-karat gold saw an increase of Rs 1,715, reaching a record high of Rs 300,068, while 10 grams of 22-karat gold climbed Rs 1,572 to settle at Rs 275,072.

This marks the first time in Pakistan’s history that the price of one tola gold has crossed the Rs 350,000 mark, driven by a combination of international demand, local currency devaluation, and investor interest in precious metals amid economic uncertainty.

While gold glittered, silver prices dipped, with one tola of silver falling by Rs 59 to Rs 3,401, and 10 grams silver decreasing Rs 51 to Rs 2,915. International silver prices also declined by $0.59, settling at $32.39 per ounce.

Experts attribute the local spike to the gold rate being based on the interbank exchange rate, which has recently seen volatility. The latest rise is now being marked as the highest gold rate ever recorded globally, according to industry insiders.