Gold prices in Pakistan soared to a new all-time high on Tuesday. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price per tola jumped by Rs3,178, reaching Rs406,778. This sharp rise followed a previous day’s increase of Rs5,900 per tola. The 10-gram gold price also surged, climbing Rs2,725 to hit Rs348,746.
The price spike in Pakistan reflects a similar trend in the global market. International gold rates rose to $3,855 per ounce, up $37 from the previous day. APGJSA noted this includes a $20 premium. Market analysts say rising global uncertainty has led investors to seek safety in gold. This has pushed prices to record levels both locally and internationally.
Read more: Gold hits record Rs403,600 per tola in Pakistan
Meanwhile, silver prices in Pakistan moved in the opposite direction. The rate dropped by Rs16 per tola, settling at Rs4,776. Silver has shown weaker demand compared to gold in recent weeks. Traders believe investors are focused more on gold due to its stronger position as a safe-haven asset.
Globally, gold is having its best month in over a decade. Spot gold rose 0.4% to $3,848.65 per ounce as of 0309 GMT. U.S. gold futures for December delivery also increased by 0.6% to $3,877. Experts say fears of a possible U.S. government shutdown and expected interest rate cuts are driving gold’s momentum.
With September gains at 11.6%, gold is on track for its best monthly performance since August 2011. Local jewellers expect prices may rise further if global uncertainty continues. For now, Pakistani gold buyers face the highest rates ever recorded in the country.