KARACHI
\nGold prices surged by Rs2,900 per tola on Friday, hitting an all-time high in the local market, driven by a sharp increase in international prices.
\nThis significant rise reflects ongoing concerns in the global economy and escalating geopolitical tensions that continue to push investors towards gold as a safe-haven asset.
\nAccording to the All Sindh Saraf Jewellers Association, gold rates reached Rs265,900 per tola in the local market. Similarly, the price of 10-gram gold saw an increase of Rs2,486, taking it to Rs227,966.
\nIn the international market, gold prices rose by $51, reaching $2,566 per ounce, a figure that also marks a historic high.
\nLocal jewellers noted that the surge in international prices has had a direct impact on local rates, though prices in Pakistan are adjusted by a premium of $20 against global rates to account for differences in local market dynamics.
\nDespite the consistent rise in prices, demand for gold jewellery in Pakistan remains subdued. Jewellery shop owners report that consumers are increasingly turning to raw gold or gold bars as a form of investment, rather than purchasing gold jewellery.
\nThis shift has been driven by the weak purchasing power in the country, which has made it difficult for many consumers to afford gold for personal use.
\nA senior goldsmith said that while gold remains an attractive asset for investors, it has become increasingly difficult for ordinary consumers to purchase.
\n\u201cThe rise in prices has hit the average buyer hard. People are choosing to invest in raw gold as a way to safeguard their savings, but the demand for jewellery has significantly dropped,\u201d he said.
\nHe further added that some individuals are even selling their gold assets to meet rising living costs.
\nAnalysts suggest that the increase in gold prices is a direct result of ongoing geopolitical instability, particularly in Europe and the Middle East, as well as economic challenges in major economies like the US. The uncertainty surrounding global markets has driven investors to seek refuge in gold, further driving up prices.
\nSilver prices have also seen an uptick, with rates increasing by Rs50 to Rs2,950 per tola. The price of 10-gram silver also rose by Rs42.86 to Rs2,529.14, though the demand for silver has remained relatively stable compared to gold.
\nAs long as geopolitical tensions and economic uncertainties persist, the upward trend in gold prices is expected to continue, keeping gold a preferred asset for investors seeking financial security.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Gold prices surged by Rs2,900 per tola on Friday, hitting an all-time high in the local market, driven by a sharp increase in international prices. This significant rise reflects ongoing concerns in the global economy and escalating geopolitical tensions that continue to push investors towards gold as a safe-haven asset. According to the All […]<\/p>\n","protected":false},"author":2,"featured_media":402090,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-431323","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n