Karachi ( Khyber Point )Gold prices surged to historic highs on Monday, with both international and local markets recording sharp increases, pushing rates to unprecedented levels.
In the global bullion market, the price of gold jumped by $61 per ounce, taking the new international rate to $3,613 — the highest ever recorded. Analysts attribute the rise to economic uncertainty, inflationary pressures, and increased demand for safe-haven assets amid global market volatility.
The local market mirrored the international surge. According to the All Pakistan Gems and Jewelers Association, the price of 24-karat gold per tola (11.66 grams) rose by Rs. 6,100, reaching an all-time high of Rs. 384,000. Similarly, the price of 10 grams of gold increased by Rs. 5,230, climbing to Rs. 329,219.
Dealers reported strong buying activity in local markets despite the record-high prices. Jewelers said consumers are investing in gold as a hedge against inflation and currency depreciation, while small investors are turning to bullion as a safe store of value.
Market experts warn that if the upward trend continues in the international market, domestic prices could rise even further in the coming weeks. “Uncertainty in global financial markets and fluctuations in the dollar are driving investors toward gold,” said a Karachi-based trader.
The sharp surge has sparked mixed reactions among the public. While investors welcome the increase in asset value, ordinary buyers, particularly those preparing for weddings and traditional ceremonies, expressed frustration over affordability.
With gold hitting record highs both globally and locally, the precious metal is once again proving to be the preferred safe-haven investment in uncertain times, though its soaring cost is squeezing household budgets across Pakistan.
