Gold prices surged to historic highs both globally and in Pakistan on Monday. In Pakistan, gold price per tola posted a single-day gain of Rs 8,100 to hit another all-time high of Rs 357,800 on Monday.
Similarly, 10-gram gold was sold at Rs 306,755 after it registered an increase of Rs 6,944, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Saturday, gold price per tola was unchanged at Rs 349,700.
The international rate of gold also hit a fresh record on Monday. As per APGJSA, the rate was at $3,395 per ounce (with a premium of $20), an increase of $69 during the day.
Meanwhile, silver price increased by Rs 24 to settle at Rs 3,441 per tola.
Record-Breaking Day for Local Markets
Gold prices in Pakistan hit an unprecedented high on Thursday, crossing the Rs. 350,000 mark per tola for the first time in the country’s history. The surge has left both investors and the general public stunned as the precious metal continues its steep climb.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold prices jumped by Rs. 2,000 in a single day, setting a new record of Rs. 350,000 per tola. The price of 10 grams of gold also saw a substantial increase of Rs. 1,715, bringing it to Rs. 300,068.
Read more: Gold price rises by Rs 5,500 in two days to Rs 307,000 per tola
This increase follows another dramatic surge on Wednesday, when gold prices rose by Rs. 8,600 in just 24 hours, bringing the rate to Rs. 348,000 before Thursday’s new high.
International Market Also Heating Up
The rise in gold prices is not just a local trend. Globally, gold also seen gains on Thursday. The international price of gold increased by $19, reaching $3,329 per ounce, including a premium of $20. This global trend is contributing significantly to the rise in local rates.
What It Means for Consumers and Investors
For those masses who are making plans for weddings, purchasing jewelry, or investing in gold as a safe haven, this massive increase is proven to pose both opportunities and challenges. While gold has always been considered a secure investment, the recent jumps have made it highly complicated for average masses to afford.
Jewelers report a noticeable decline in walk-in customers for bridal jewelry sets and luxury purchases, as people hold back in hopes of a future price drop. On the other hand, investors who already have gold assets are glancing their portfolios grow rapidly.
What’s Driving the Surge?
Economic uncertainty, inflation, and fluctuations in currency value are all contributing to this gold rush. Many of the masses think gold as a hedge against inflation and currency devaluation, especially amid global and regional financial tensions.
As of now, the market depicts no clear signs of stabilization, and traders predict that if the global uptrend continues, local prices may climb even further in the coming days.