A record Rs10,000 increase in gold prices has pushed 24-karat gold to an all-time high in Pakistan, raising concerns for consumers, jewellers, and investors.
Pakistan’s gold market witnessed a historic surge on Wednesday as the price of 24-karat gold jumped by Rs10,000 per tola, sending domestic bullion rates to their highest level on record. The sharp increase has intensified concerns among consumers, jewellery traders, and investors already navigating economic uncertainty.
According to the All Pakistan Gems and Jewellers Association (APGJA), the price of one tola of 24-karat gold climbed to Rs437,936 after the latest increase. Meanwhile, the price of 10 grams of 24-karat gold rose by Rs8,573, reaching Rs375,459.
The latest rally mirrors continued volatility in international bullion markets, where investors have increasingly turned to gold as a safe-haven asset amid global economic uncertainty, inflation concerns, and geopolitical risks. Market analysts also point to the depreciation of the Pakistani rupee as a major factor pushing domestic gold prices to record levels.
The unprecedented rise is expected to weigh heavily on Pakistan’s jewellery industry. Gold remains a traditional choice for weddings, gifts, and long-term savings, but record-high prices could discourage consumers from making large purchases. Many buyers may delay their plans or opt for lighter jewellery to manage rising costs.
Jewellery retailers have also warned that sustained price increases could reduce business activity during the wedding season, affecting sales across the sector. However, investors seeking protection against inflation and currency volatility may continue to favor gold despite the higher prices.
Financial experts note that Pakistan’s gold prices closely track international bullion rates and exchange rate movements because the country relies on imported gold. Any further gains in global prices or additional weakness in the rupee could keep domestic prices elevated.
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