Gold prices in Pakistan reached an all-time high on Monday, jolting bullion markets in major cities of the country.
Traders said 24-karat gold per tola touched an all-time high following pressures from both international and domestic fronts.
Gold prices in Pakistan, The increase was preceded by volatility in international gold prices and ongoing weakness of the Pakistani rupee against the US currency.
Geopolitical tensions and inflationary fears have spurred investor interest in gold as a safe-haven asset, analysts said.
Karachi, Lahore, and Islamabad traders attested to growing demand by investors and jewelers amid the steep price hike.
The record rise has weighed heavily on households already beset by increasing costs, particularly during the peak wedding season.
Experts caution that if trends abroad continue, local gold prices may continue to be high in the coming days.
Rupee-dollar parity is still a key driver of gold valuations in Pakistan, market experts claim.
The historical rush testifies to gold’s value as a protection against uncertainty in periods of economic and political turmoil.
It is recommended that investors and consumers take caution when dealing in Pakistan’s unstable gold market.
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