Karachi: Gold prices in Pakistan skyrocketed on Thursday, mirroring a robust international uptick that caught investors off guard amid lingering geopolitical tensions and inflation jitters. In the domestic market, the price per tola climbed Rs8,300 to settle at Rs443,062, while 10-gram gold fetched Rs379,854 after a Rs7,116 jump, data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) showed. This rebound erased Wednesday’s mild dip, when tola gold had eased Rs1,000 to Rs434,762, reflecting a volatile week for safe-haven assets.
Globally, spot gold surged $83 to $4,207 per ounce, including a $20 premium, underscoring renewed haven demand as U.S. Federal Reserve signals hinted at measured rate cuts, bolstering the yellow metal’s allure. Analysts attribute the rally to escalating Middle East frictions and a weakening dollar, which typically propels gold higher. “With Pakistan’s rupee under pressure from import bills and fiscal strains, local buyers are hedging aggressively,” noted APGJSA spokesperson Muhammad Hanif, highlighting jewelry demand ahead of wedding seasons.
Silver, often gold’s shadow asset, wasn’t left behind, advancing Rs228 per tola to Rs5,662.