In an unprecedented surge, gold prices in Pakistan reached a historic high of Rs. 289,600 per tola on Wednesday, reflecting growing concerns over the global economic outlook and rising inflation.
According to market analysts, the spike in gold rates is largely driven by the depreciation of the Pakistani rupee against the US dollar and a surge in global demand for the precious metal. The price of 10 grams of gold also soared to Rs. 248,200, setting a new benchmark.
Traders in the bullion market attribute the soaring rates to heightened investor interest in gold as a safe haven amidst ongoing economic uncertainty. Meanwhile, the international market has also seen gold prices climb, further impacting local rates.
Consumers and jewelers alike are feeling the pinch, with buyers lamenting the high cost of ornaments and traders witnessing reduced footfall in markets. Experts warn that if the economic challenges persist, gold prices could climb even higher in the coming weeks.
This record-breaking increase has once again highlighted the importance of monitoring global and domestic economic trends closely, as they continue to significantly impact local gold markets.
