Gold surges by Rs3,000 per tola in Pakistan

Gold prices in Pakistan rose sharply on Friday, tracking gains in the international bullion market, 24NewsHD TV reported. 

According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold increased by Rs3,000 per tola, taking the new rate to Rs430,436. 

Similarly, the price of 10 grams of gold climbed by Rs2,572, reaching Rs369,029.

Jewellers said the local bullion market continues to mirror fluctuations in international gold prices, which have remained volatile due to global economic uncertainty.

They attributed the upward trend to central banks' monetary policies, persistent inflationary pressures and growing investor demand for safe-haven assets.

Market experts believed gold prices could continue to rise if uncertainty in global financial markets persists.

They noted that investors typically turn to gold during periods of economic instability, increasing demand and pushing prices higher.

Meanwhile, jewellery traders said the continuous rise in gold prices has slowed buying and selling activity in the domestic market.

Consumers are purchasing jewellery more cautiously, while demand during the wedding season has also weakened compared with previous years.

Economists warned that local gold prices could increase further if international bullion rates remain elevated.

They said the future direction of gold prices in Pakistan will largely depend on global market trends, the value of the US dollar and broader international economic conditions.