Pakistan’s bullion market is reeling from an unprecedented surge as gold and silver prices soared to historic highs following a massive rally in the global market.
According to the latest report from the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold recorded a staggering single-day increase of Rs 9,100, pushing the per tola rate to a new all-time high of Rs 514,662.
The domestic hike is a direct response to international bullion rates, where gold jumped by $91 to reach a record $4,923 per ounce. Silver also surged globally to $98 per ounce.
The “staggering” increase has dampened hopes for jewelry buyers during the peak wedding season, with many families finding the new rates unaffordable.
Analysts suggest that investors are flocking to precious metals amid global geopolitical tensions and economic uncertainty, driving prices to these “unprecedented” levels.
The silver market also witnessed a sharp uptick, with the price per tola rising by Rs 372 to settle at Rs 10,275.
