Gold prices in Pakistan skyrocketed to a historic level on Tuesday, with the per-tola rate of 24-karat gold crossing Rs400,000 for the first time in the country’s history. The sharp surge reflects both global market trends and local economic pressures.

According to bullion dealers, the price of 24-karat gold rose by Rs6,000 in a single day, pushing the per-tola rate to Rs400,000 in the local market. The increase has sparked concern among buyers and jewelers alike, as gold continues to be one of the most sought-after commodities during times of economic uncertainty.

In the international market, the price of one ounce of gold climbed by $31, reaching $3,757 per ounce. Analysts suggest that global inflationary trends, geopolitical tensions, and investors shifting toward safe-haven assets have contributed to the rally.

In Pakistan, the rates of other categories of gold also surged. The price of 22-karat gold was recorded at Rs366,666 per tola, while 21-karat gold reached Rs350,000 per tola. Silver, too, saw movement in the market and is currently available at Rs6,000 per tola.

Market experts note that this historic increase in gold prices may impact the jewelry industry, especially as demand traditionally rises during the wedding season. Jewelers have already expressed concerns that soaring prices could discourage buyers, shifting demand toward lighter jewelry or silver ornaments.

Economists further highlight that the continuous depreciation of the rupee against the US dollar is a key factor behind the sharp rise in local gold prices. While global rates influence the trend, currency weakness amplifies the impact in Pakistan, making gold less affordable for the average consumer.

With gold hitting unprecedented levels, investors and traders are closely monitoring future market trends. For now, the soaring price has reinforced gold’s role as a symbol of financial security in uncertain times, but it also raises concerns about accessibility for ordinary buyers.