Gold Hits Record High, Investors Eye More Gains

Gold continued its unstoppable surge on Wednesday, smashing all previous records and rattling markets across Pakistan. In a single day, prices jumped by Rs6,000 per tola, reaching an unprecedented Rs376,700. Similarly, 10 grams of bullion soared by Rs5,144, settling at Rs322,959.

The rally was not confined to domestic markets. Globally, gold climbed to $3,540 per ounce, including a $20 premium, after posting a dramatic $60 surge in just one trading session. Silver too edged higher, with its per-tola price increasing by Rs12 to Rs4,315.

Analysts attribute the surge to a mix of international uncertainty, weakening confidence in major currencies, and investors rushing toward safe-haven assets. They note that such sudden spikes often spark panic among buyers while encouraging traders to hold back stocks, waiting for further price appreciation.

Local jewelers report dwindling footfall as customers hesitate to buy at record-high rates. Meanwhile, investors appear divided, with some predicting gold will cross Rs380,000 per tola soon, while others warn of a correction if global demand cools.

For ordinary buyers, the rally is discouraging. “Gold has become unaffordable for weddings and savings,” one Lahore-based jeweler said, pointing out that consumer demand has shrunk drastically.