Karachi: Gold prices in Pakistan have witnessed a massive hike, surging by over Rs. 10,000 per tola in a single day.
According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold per tola jumped by Rs. 10,800, reaching an all-time high of Rs. 455,136.
Similarly, the price of 10 grams of gold increased by Rs. 9,720 to settle at Rs. 389,600.
This domestic rally directly mirrors the international market, where gold prices soared by $108, bringing the global rate to $4,327 per ounce.
Context: The Historic Surge Since 2010
The current historic high in gold prices is the culmination of a massive, multi-decade upward trajectory driven by both local economic instability and global financial shifts.
Gold Price Trajectory (Approx. per Tola in PKR)
2010: ~Rs. 38,000 —> 2020: ~Rs. 110,000 —> Current: >Rs. 455,000
- The Global Dynamics: Back in 2010, international gold hovered around $1,100 to $1,200 per ounce. Over the last 15 years, global markets weathered major disruptions—including the 2011 Eurozone crisis, the COVID-19 pandemic, escalating geopolitical conflicts, and aggressive central bank buying. Investors consistently turned to gold as the ultimate “safe-haven” asset to protect their wealth against global inflation, driving the international price past the unprecedented $4,300 mark.
- The Domestic Aggravation: While global prices tripled, the impact on Pakistan was compounded exponentially by severe domestic economic challenges. In 2010, a tola of gold cost around Rs. 38,000, and the US Dollar was valued near Rs. 85.
- Since then, chronic rupee depreciation, dwindling foreign exchange reserves, high inflation, and political uncertainty have fundamentally devalued the local currency.
Because Pakistan imports its gold, the combination of a weaker rupee and record-high global prices created a perfect storm.
What was once a traditional commodity for savings has now transformed into an elite luxury, pushing the domestic price past a staggering Rs. 455,000 per tola.
