Gold prices in Pakistan surged again on Friday, mirroring a strong rally in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola jumped by Rs4,600, reaching a new high of Rs361,500. This sharp rise comes amid growing economic and geopolitical concerns worldwide.
The 10-gram gold rate also increased by Rs4,023, closing at Rs310,007. Just a day earlier, the per tola rate had already climbed Rs4,000 to Rs356,900, showing a back-to-back rally. Analysts believe the consistent rise is partly due to a weakening rupee and safe-haven demand triggered by tensions between Israel and Iran.
On the global front, the gold rate surged to $3,417 per ounce, including a $20 premium, marking a gain of $46 in a single day. This spike is driven by investor concerns over inflation, slowing growth, and global instability, pushing more people to invest in gold as a secure asset.
Silver also followed the upward trend, with per tola silver price increasing by Rs35, settling at Rs3,780. The price of 10 grams of silver stood at Rs3,240.53. Despite being more affordable, silver too is benefitting from strong investor demand.
Jewellers across the country report lower footfall due to soaring prices, but many expect demand to pick up ahead of Eid and the wedding season. However, continued global uncertainty could keep prices high in the coming weeks.