ISLAMABAD: In an unprecedented move, gold prices in Pakistan soared past the Rs. 5 lakh mark for the first time on Wednesday, sparking concern among citizens and raising eyebrows among investors. The sharp increase in prices, fueled by a global market surge, has led many to question the affordability of the precious metal, which has long been considered a safe investment and a symbol of wealth.
The price of one tola of gold in the local market climbed to Rs. 506,362, a massive Rs. 12,700 increase in just one day. Similarly, the price of 10 grams of gold rose to Rs. 434,123, reflecting a jump of Rs. 10,888. These figures were confirmed by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), which tracks daily fluctuations in gold prices.
This sharp rise follows a smaller increase the day before, when gold per tola had gained Rs. 4,300, settling at Rs. 493,662.
The global market has also seen a significant rise, with the price of gold per ounce increasing by $127, reaching $4,840, which includes a premium of $20.
Alongside gold, silver prices also saw a slight increase, with the price of silver per tola rising Rs. 64 to reach Rs. 9,933.
While gold is often seen as a hedge against economic uncertainty, the steep rise in its price has left many citizens worried about the growing cost of everyday items, with some questioning whether the surge in gold prices could have broader economic implications. With inflation already a concern, some are calling for more government intervention to stabilize prices.
The increase in gold prices reflects global trends, with investors increasingly turning to gold as a safe haven amid financial uncertainty. However, the rising costs are prompting discussions on how to balance economic growth with the financial well-being of the average citizen.
