KARACHI: Gold and silver prices surged sharply across Pakistan on Monday, following a major rise in international precious metal rates, according to data released by the All Pakistan Sarafa-Gems and Jewellers Association (APSGJA).
The price of 24-karat gold soared by Rs7,400 per tola, settling at Rs429,862, compared to Rs422,462 a day earlier. Similarly, the 10-gram 24-karat gold rate climbed by Rs6,337, reaching Rs368,530, while 10-gram 22-karat gold increased by Rs5,551, closing at Rs337,573.
In the global market, gold prices jumped by $74, touching $4,075 per ounce amid renewed investor interest driven by economic uncertainty and a weakening U.S. dollar. Analysts noted that concerns over potential rate cuts by major central banks and persistent geopolitical tensions have pushed traders toward safe-haven assets like gold.
Silver follows gold’s lead with strong upward momentum
Silver prices also witnessed a notable increase in the domestic market. The 24-karat silver rate rose by Rs115, reaching Rs5,209 per tola, while the 10-gram silver rate advanced by Rs98, hitting Rs4,465.
On the international front, silver gained $1.15, trading at $49.47 per ounce — one of the highest levels recorded this quarter. The surge in silver prices has been attributed to a combination of industrial demand and speculative buying, particularly in anticipation of global supply constraints.
Market experts weigh in
Financial analysts in Karachi said that the recent upswing reflects a combination of international price volatility, rupee depreciation, and rising inflationary pressures within Pakistan.
“The consistent rise in global bullion prices, coupled with the weakening local currency, has pushed domestic gold rates to new highs,” said Ahmed Naseer, a senior trader at the Karachi Bullion Market. “Demand for gold jewelry may slow in the short term, but investors are increasingly viewing gold as a stable asset amid market uncertainty.”
Meanwhile, jewellers across Lahore, Karachi, and Islamabad reported moderate consumer activity, noting that higher prices could discourage wedding season purchases in the coming weeks.
Investment outlook
Experts believe that if global economic uncertainty persists and the rupee continues to face pressure, gold could cross Rs435,000 per tola in the near term. Silver, too, may remain in an upward trajectory as industrial consumption continues to rise.
The APSGJA reiterated that the quoted rates are based on 24-karat purity at the 999 standard and are aligned with international bullion prices adjusted for exchange rate fluctuations and local market demand.
