Gold Hits Record High in Pakistan, Surging to Rs245,100 per Tola

Gold prices in Pakistan soared to unprecedented levels on Saturday, reaching Rs245,100 per tola, following a remarkable surge in the international market.

The gold witnessed a single-day gain of Rs4,900, with the 10-gram gold price standing at Rs210,134 after a Rs4,200 increase, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

This surge marks the highest ever rate of gold in Pakistan, surpassing the previous record of Rs242,700 per tola witnessed in September 2023. Abdullah Abdul Razzak Chand, Vice President of APGJSA, attributed the rise to the international market’s upward trajectory.

While the increase in gold prices is reflective of global trends, local dealers and jewellers express concern over its impact. Abdullah highlighted potential challenges for customers, particularly during Ramadan, and noted potential ramifications for jewellery sales in the upcoming wedding season post-Eid-ul-Fitr.

In the international market, gold maintained its momentum, reaching a record-setting $2,350 per ounce with a $44 gain, signaling continued volatility in the precious metal market. Additionally, silver rates also saw an uptick, reaching Rs2,650 per tola.