by In a significant development for the precious metals market, the gold rate in Pakistan witnessed a sharp increase of over Rs. 3,000 per tola on Wednesday, reflecting both global and domestic economic pressures. This substantial hike comes amid growing inflationary concerns and a fluctuating currency market that continues to impact the prices of essential commodities across the country.
Current Gold Prices in Pakistan
According to data released by market sources, the price of 24-karat gold surged by Rs. 3,100, bringing the new rate to Rs. 241,300 per tola. Similarly, the 10-gram gold price climbed by Rs. 2,658, reaching Rs. 206,876.
This marks one of the steepest single-day increases in recent weeks and follows a relatively stable trend earlier this month. The rate for 22-karat gold, commonly used in jewelry, has also adjusted proportionately, adding to the burden on local consumers and traders.
Gold Rate in Pakistan Posts Over Rs. 3,000 Per Tola Increase.
Reasons Behind the Surge
Several factors have contributed to this spike in gold prices:
- Global Gold Market Movement: Internationally, gold prices are on an upward trajectory as investors seek safe-haven assets amid geopolitical tensions and economic uncertainty, particularly in Europe and the U.S.
- Pakistani Rupee Volatility: The depreciation of the Pakistani Rupee against the US Dollar has also played a significant role. With a weaker rupee, the cost of importing gold rises, translating into higher domestic prices.
- Inflation and Investment Trends: With inflation persisting and investors seeking ways to preserve their wealth, gold remains a preferred investment. The increased demand locally has further fueled price hikes.
Impact on Consumers and Jewelers
The sudden rise in prices is expected to dampen consumer sentiment, especially among middle-income groups who were planning weddings or other major events involving gold purchases. Jewelers across major cities including Karachi, Lahore, and Islamabad report lower footfall and fewer transactions due to the cost hike.
Outlook
Experts suggest that if global economic uncertainty and local currency instability persist, gold prices could remain elevated in the coming weeks. Investors are advised to keep an eye on global trends, especially the US Federal Reserve’s interest rate decisions and regional economic policies.
Conclusion
The recent Rs. 3,000+ per tola surge in gold prices is a stark reminder of how interconnected Pakistan’s economy is with global financial shifts. For now, gold continues to shine, but for the average buyer, it might be becoming increasingly out of reach.
