Gold prices in Pakistan recorded a significant increase on Tuesday, with rates rising by more than Rs4,000 per tola amid an upward trend in the international market.
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According to the All Pakistan Gems and Jewellers Association, the price of gold per tola surged by Rs4,600, pushing it to Rs499,962 across the country. Similarly, the price of 10 grams of gold increased by Rs3,943, reaching Rs428,636.
Market analysts attributed the sharp rise in local gold prices to a strong increase in global rates, which continue to influence domestic markets. In the international market, gold prices rose by $46 per ounce, bringing the rate to $4,776 per ounce.
The upward movement in gold prices is largely driven by global economic uncertainty and shifting investor sentiment. Gold is widely considered a safe-haven asset, and demand typically increases during periods of geopolitical tension and financial market volatility.
Recent developments, including fluctuations in oil prices and uncertainty surrounding US-Iran talks, have contributed to the surge in global gold prices. Investors often turn to gold as a hedge against inflation and currency depreciation, further boosting demand.
In Pakistan, the rising gold prices have a direct impact on consumers, particularly those planning weddings or investments in jewellery. Higher prices may dampen buying activity in the local market, especially as affordability becomes a concern for many households.
Traders noted that the domestic gold market closely follows international trends, with currency exchange rates also playing a crucial role in determining local prices.
Read More: Gold loses over Rs40,000 per tola in Pakistan
If the global rally continues, experts believe gold prices in Pakistan could remain elevated in the coming days, depending on economic indicators and geopolitical developments.