Gold prices have recorded a substantial increase in both the local and international markets, placing significant financial strain on jewelry buyers.
In Pakistan, the price of gold rose by Rs5,059 per 10 grams and Rs5,900 per tola.
As a result, the price of 10 grams of gold has reached Rs311,814, while one tola now costs Rs363,700.
Internationally, gold has also experienced a notable jump. The price surged by $59, bringing the rate to $3,454 per ounce.
The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that prices had already seen a steep rise the previous day.
On that day, 24-karat gold became Rs8,100 more expensive per tola, reaching Rs357,800. Similarly, the price of 10 grams increased by Rs6,944, hitting Rs306,755.
Experts have linked the price hike to global economic uncertainty, volatility in the US dollar’s value, and shifting investment trends.
The rising cost of gold is not only affecting general consumers but is also creating challenges for the jewelry manufacturing industry. Analysts have warned that if the current trend persists, gold prices may reach new record highs shortly.
