Buying gold, once considered a traditional part of savings and weddings, has now become nearly impossible for the average Pakistani.
According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold per tola increased by a massive Rs6,600 in just one day. After this huge jump, one tola of gold now costs Rs349,400 in local markets — an all-time high.
That’s not all. The price of 10 grams of 24-karat gold also shot up by Rs5,659, now reaching Rs299,554. These shocking increases have hit customers hard, especially families who were planning weddings or trying to invest in gold for savings.
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Meanwhile, the international gold market is also heating up. Global prices increased by 66 dollars per ounce, bringing the price of one ounce of gold to 3,310 dollars. This global surge is putting extra pressure on local prices in Pakistan.
Why is this happening?
According to economists, there are several big reasons behind this sudden spike. First, the global economy is facing major uncertainty. Second, the value of the dollar is swinging up and down. And third, the ongoing conflict in the Middle East is making investors nervous. Because of all this, people around the world are turning to gold — seen as a safe investment during tough times — and this has pushed demand through the roof.
What are people saying?
Buyers are deeply frustrated. Many say that buying gold for weddings or savings is now nothing but a distant dream. “We can only look at it now,” said one customer. “Gold has become something we admire in the shop windows, but can’t afford anymore.”
What about the jewellers?
Gold traders are also feeling the heat. They say business has slowed down drastically. Hardly any new buyers are coming in. Only a few old customers are visiting — mostly for repairs or exchanging old jewellery. “People are scared to even ask for prices,” one trader said. “There’s simply no activity in the market anymore.”
This unexpected jump in gold prices has left many wondering: Will the price ever come down, or is gold becoming a luxury of the past?
