Gold prices in the country continued their upward trend, with another sharp increase recorded today. The steady rise has made it even more difficult for people to purchase jewelry, especially for weddings and savings purposes. The impact of higher rates in the international market has clearly reached local markets.
According to the All Pakistan Gems and Jewelers Association, the price of one tola of gold increased by Rs7,900, reaching Rs523,962. At the same time, the price of 10 grams of gold went up by Rs6,773 to Rs449,212.
In the global market, gold prices also jumped by $79, reaching $5,012 per ounce. This strong increase internationally is one of the main reasons behind the sharp rise in local prices.
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Traders say the continuous rise is creating uncertainty among buyers. Many customers are delaying purchases in the hope that prices may come down. However, if the global trend remains strong, local rates may stay high or even increase further.
The current situation has created concern among middle-class families who traditionally invest in gold as a safe asset.
Gold is rising because global prices are increasing. Local markets follow the international trend. If the dollar stays strong, prices may not fall soon. Buyers may wait, but further increases are still possible.
