Gold prices surge in Pakistan for third straight day

Gold Prices in Pakistan Increase for Third Consecutive Day

Gold prices in Pakistan continued to rise on Friday, marking the third straight day of increases. The price of one tola of gold climbed by Rs5,100, driven by gains in the international bullion market. According to the All Pakistan Sarafa Gems and Jewellers’ Association, the price of 24-karat gold rose to Rs454,336 per tola after Friday’s increase.

The price of 10 grams of 24-karat gold also increased by Rs4,372, settling at Rs389,519. Over the past three trading sessions, gold has become Rs26,400 more expensive per tola, reflecting sustained momentum in global bullion prices.

Jewellers attributed the sharp rise to continued volatility in international markets and growing investor demand for safe-haven assets amid global economic uncertainty and geopolitical tensions. Analysts noted that gold prices remain sensitive to a range of international factors, including central bank monetary policies, movements in the US dollar, inflation expectations, and ongoing regional conflicts.

The continued surge in gold prices has also led to a slowdown in consumer demand, with jewellers reporting a noticeable decline in gold purchases as soaring prices make jewellery unaffordable for many buyers. Traders stated that most customers are now only making purchases when necessary, while discretionary buying has declined significantly due to record-high prices.

The persistent rally in gold prices underscores the growing appeal of gold as a safe investment during periods of heightened uncertainty, even as elevated prices weigh on retail demand in Pakistan.

Article source: diplomacypakistan.com | Image credit: SUCH TV