Gold prices in Pakistan have experienced a significant increase, sparking concerns among consumers and investors alike. The price of gold has surged, marking a steep rise in the local market due to fluctuating international market trends and the weakening of the Pakistani rupee.
According to the All Pakistan Jewelers Association, the price of 24-carat gold reached a new high, crossing the PKR 235,000 per tola threshold. Similarly, 22-carat gold also saw a sharp hike, now priced at approximately PKR 215,000 per tola.
The surge in gold prices is primarily attributed to the global economic instability, the weakening value of the rupee against the US dollar, and inflationary pressures. This spike in gold prices has led to a significant rise in demand, especially among investors who view gold as a safe-haven asset during times of uncertainty.
In addition, the increasing prices of gold are putting a strain on the local jewelry market. Many customers are holding off on purchasing gold for weddings or other ceremonies, as prices continue to climb.
Experts suggest that the price of gold could continue to rise if the global economy remains volatile, and the rupee weakens further. They advise investors and consumers to carefully monitor the market trends to make informed decisions.
