By Web Desk 
On October 17, 2024, gold prices in Pakistan reached an all-time high, driven by a surge in global prices and the weakening of the Pakistani rupee. The per tola (11.66 grams) price of gold shot up to Rs. 250,000 in major cities, reflecting both international trends and domestic economic pressures. Investors and traders are closely monitoring the situation as gold continues to gain favor as a safe-haven asset during uncertain economic times.
Global gold prices have been on the rise due to escalating geopolitical tensions and inflation concerns, particularly in major economies like the United States and Europe. The ongoing conflict in the Middle East has further heightened investor demand for gold, pushing prices to record levels worldwide. In Pakistan, these global factors are compounded by a depreciating currency, which has made imports more expensive, including gold.
Local jewelers and traders report that while demand remains strong for gold as an investment, sales of gold jewelry have declined due to the high prices. Many buyers are opting for smaller, more affordable quantities or switching to silver. The rising cost of gold has also impacted the wedding season, with families scaling back on traditional gold gifts.
Economists predict that gold prices may continue to rise in the short term, particularly if inflationary pressures persist and geopolitical risks remain high. For Pakistanis, the soaring price of gold is another indicator of the economic challenges facing the country, as inflation and currency devaluation continue to erode purchasing power.