The financial markets in Pakistan saw a massive surge this week. Both local gold silver prices hit record high levels today across all major cities. This surge follows a sharp rally in the international bullion market. Investors are flocking to precious metals as a safe haven. This shift is significantly impacting the current gold rate Pakistan.
Record-Breaking Gold Rates in Pakistan
At the current gold rate Pakistan, 24-karat gold rates reached an all-time peak according to the APSGJA. The price of one tola gold jumped by Rs6,200. It now stands at a historic Rs462,362. Similarly, the 10-gram gold rate rose to Rs396,400. This is a huge increase compared to the start of the year. On January 1, a tola was priced at only Rs273,600. The global rate has also climbed significantly. It recently jumped by $62 to reach $4,400 per ounce. Most investors are now closely monitoring the gold rate Pakistan.
Silver Prices Reach New Peaks
It is not just gold that is getting expensive today. Local gold silver prices hit record high marks simultaneously as the market opened. The silver rate reached Rs6,177 per 10 grams. Per tola silver is now being sold for Rs7,205. The international silver price has clocked in at $69.30 per ounce. This represents a massive jump from earlier this year. Silver is becoming a preferred choice for smaller investors. Many look at silver when they cannot afford the high gold rate Pakistan.
Why Are Prices Soaring Today?
The gold rate Pakistan is rising because global central banks are buying gold in huge quantities. This heavy buying is pushing world prices upward daily. Many investors are also choosing gold bars over traditional jewellery. In Pakistan, the rising cost of living is affecting buyers. APSGJA President Qasim Shikarpuri noted that jewellery sales have dropped. Many people are now selling old gold to meet daily expenses. Financial experts link these sales to the record-breaking gold rate Pakistan.
Impact on the Local Jewellery Industry
High utility bills and inflation are putting pressure on traders. At the current gold rate Pakistan, only about 15% of buyers are looking for jewellery. Most people now view gold purely as a financial investment. You can see more economic trends in Pakistan on our blog. If gold silver prices hit record high trends continue, the market may see further shifts. Traders must adapt to the fluctuating gold rate Pakistan.
Also check: Today Gold Rate
