Karachi: Reflecting both local and global economic trends, gold prices in Pakistan have skyrocketed to an all-time high for the fourth consecutive day. The All Pakistan Gems and Jewellers Association (APGJA) claims that the price of gold per tola rose by PKR 400 and peaked historically at PKR 292,200. Ten grams of gold’s price increased by PKR 343, then settled at PKR 250,514.
Gold prices have an upward tendency not restricted to Pakistan. Globally, gold prices also increased significantly, rising by $5 to get to $2,497 per ounce. Economic instability, inflationary pressures, and geopolitical concerns—which have attracted investors toward safe-haven commodities like gold—are mostly responsible for this worldwide spike.
The situation in Pakistan has been further worsened by the devaluation of the Pakistani rupee versus the US dollar, therefore increasing the cost of imported gold. Rising worldwide prices combined with a devaluation of the currency have reportedly produced a perfect storm that drives local gold values to hitherto unheard-of heights.