Gold prices have reached unprecedented levels on Tuesday, surpassing Rs 416,778 per tola in Pakistan.
This surge is largely influenced by the continuous increase in international gold prices, with local rates rising by Rs 1,500 to hit a new high of Rs 416,778 per tola.
According to the All Pakistan Gems and Jewellers Association, the price of 10 grams of gold also saw an increase of Rs 1,286 on Tuesday, bringing it to Rs 357,319. On Monday, there was a significant jump in gold prices, with a rise of Rs 5,400, reaching Rs 415,278 per tola.
In the global market, gold is trading at $3,955 per ounce after an increase of $15. The highest price recorded during the day was $3,977.19 per ounce, while spot gold is currently around $3,960 per ounce.
Conversely, the price of silver in the local market has experienced a minor decline, now priced at Rs 20, leading to a total cost of Rs 4,929 per tola.
Read also: After Gold spike, Silver now skyrocketing in Pakistan
Overall, experts indicate that gold has become 51% more expensive this year. Contributing factors include substantial purchases by global central banks, increased demand for gold exchange-traded funds, the depreciation of the US dollar, and ongoing global geopolitical and trade tensions. Experts warn that if this trend continues, local gold prices may increase further, potentially placing additional financial pressure on both jewellery makers and consumers.
