Gold Prices in Pakistan Soar to Historic Highs Amid Global Demand Surge
On the fourth business day of the week, gold prices in Pakistan reached an all-time high, reflecting a global trend in soaring gold demand. According to the All Pakistan Gems and Jewellers Association, the price of one tola of gold increased by Rs. 3,200, bringing the new rate to Rs. 321,000 per tola. Similarly, the price of 10 grams of gold saw a significant rise of Rs. 2,743, reaching Rs. 275,205. This sharp increase follows a day of price stability in the local market.
On the global stage, the United States remains the largest holder of gold reserves, followed by Germany and Italy. In Asia, China holds the top position, with India ranking second in the region and eighth globally. Pakistan, on the other hand, stands at the 49th position in the global ranking of gold reserves.
According to the World Gold Council, central banks worldwide purchased over 1,000 metric tons of gold in 2024, nearly double the average annual purchase of the past decade. This massive buying spree has solidified central banks as the largest gold holders, collectively owning approximately one-fifth of all the gold ever mined in history.
The surge in gold prices is largely attributed to global economic uncertainties, inflationary pressures, and increased gold accumulation by central banks, making the precious metal a highly sought-after asset in financial markets.