Gold continues its glowing rally, shattering records both at home and abroad, as investors and ordinary citizens alike rush towards the safe-haven asset amid global uncertainty.
The price of 24-karat gold per tola jumped by Rs 1,200 on Friday to Rs 377,900, while 10 grams of gold increased by Rs 1,029, hitting Rs 323,988 — both all-time highs.
On Wednesday, the price of gold per tola in Pakistan soared by Rs 6,000, hitting an unprecedented Rs 376,700, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the rate for 10 grams of gold surged by Rs 5,144, climbing to a record Rs 322,959.
This comes on the heels of a relatively stable Tuesday, when gold held steady at Rs 370,700 per tola. But the sudden jump has left jewellers reporting higher footfall in markets, not from buyers of jewellery, but from anxious savers looking to protect their money against inflation.
Read more: Gold rates see biggest-ever drop in Pakistan after ceasefire with India
Global Surge Reflects Local Spike
The surge is not unique to Pakistan. Internationally, gold prices jumped to a fresh record of $3,552, with a $20 premium included. That’s a staggering $12 increase in just a single day, reflecting heightened demand as investors worldwide hedge against market volatility, currency fluctuations, and geopolitical risks.
Silver also mirrored the momentum, albeit at a smaller scale. The price per tola of silver increased by Rs 12, reaching Rs 4,315. While silver doesn’t always grab the same headlines, analysts note it often rises in tandem with gold as part of safe-haven demand.
A Mixed Blessing for Pakistanis
For many Pakistanis, however, the rally brings mixed emotions. On the one hand, households who purchased gold earlier see their savings grow in value.
On the contrary, the soaring prices have made wedding jewellery and ornaments prohibitively expensive, placing a burden on families preparing for marriage ceremonies — a cultural tradition where gold holds deep symbolic importance.
Economists warn that if the trend continues, demand in the jewellery sector may shrink further, with gold increasingly being treated less as adornment and more as a financial hedge.
For now, gold’s record-breaking run seems unstoppable, painting a glittering but uneasy picture for Pakistan’s economy and its people.