KARACHI: Gold prices in Pakistan continued their relentless record-breaking streak on Friday, surging to a new all-time high as the local market responded to a sharp rally in international bullion rates and persistent economic volatility.
According to data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold increased by Rs5,100 per tola to settle at Rs454,336.
This latest hike follows a massive jump of Rs11,300 recorded on Thursday, bringing the total gains over the last three days to more than Rs26,000 per tola.
The persistent upward trend has left both investors and consumers grappling with unprecedented costs in the domestic market.
The surge was equally evident in the 10-gram category, where the price of 24-karat gold rose by Rs4,372 to reach Rs389,519.
Meanwhile, 10-gram 22-karat gold, which is frequently used for jewelry manufacturing, was quoted at Rs357,072. Market analysts attribute the domestic price hike primarily to the soaring international market, where gold prices gained $51 on Friday to reach $4,319 per ounce, including a premium.
Domestic silver prices also witnessed a significant jump, mirroring the trend in the yellow metal. The price of silver per tola increased by Rs280, closing at Rs6,939, while 10-gram silver gained Rs240 to settle at Rs5,949. On the global stage, silver was trading at $64.60 per ounce, up by $2.80 from the previous session.
Industry experts noted that the local market remains highly sensitive to global economic shifts and currency fluctuations. The recent streak of massive gains, including a Rs10,000 increase on Wednesday, underscores the volatility currently defining the commodities sector. While high prices have dampened retail demand for jewelry, investment in gold bars continues as a hedge against inflation and economic uncertainty.
