Mazaj News (Web Desk) Gold prices in Pakistan surged to an all-time high on Wednesday. 24-karat gold per tola reached Rs506,362, following a $127 jump in the international market to $4,840 per ounce. This is an increase of Rs12,700 per tola from Tuesday’s rates. The rise is putting pressure on gold jewellery buyers during the peak wedding season.
Investors welcomed the rally. Analysts said it was driven by geopolitical tensions, trade disputes, and US President Donald Trump’s Greenland initiatives.
The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the 10-gram gold rate rose to Rs434,123, up Rs10,888 from Tuesday, based on interbank exchange rates.
At the start of the year, the 10-gram and one-tola gold rates were Rs234,568 and Rs273,600, respectively. Global gold prices stood at $2,624 per ounce. Since then, 10-gram gold rose by Rs199,555 and one-tola gold by Rs232,762, while international prices climbed $2,216 per ounce.
Gold now offers the highest returns among major investment options, followed by stocks.
Historically, local gold prices often differed between APSGJA rates and jewellery shops. On Wednesday, shops sold gold between Rs503,000 and Rs505,500 per tola, slightly below the association’s rate of Rs506,362.
APSGJA President Qasim Shikarpuri said the gap depends on demand and supply. He noted that investors, not jewellery buyers, are currently driving the market.
“Investors in Pakistan and abroad are selling dollars to buy gold,” he said. Central banks worldwide are also increasing gold purchases. Despite high demand, Shikarpuri said there is no shortage of gold. He added that Pakistani rates remain about Rs25,000 below Dubai’s prices per tola.