KARACHI — Domestic gold prices in Pakistan have hit a record-breaking peak, crossing the PKR 300,000 per tola mark for the first time in history. The All-Pakistan Gems and Jewelers Association (APGJSA) reported a massive single-day jump, attributing the surge to a combination of rising international prices and the ongoing uncertainty in the Middle East.
Globally, investors are flocking to gold as a “safe haven” asset as the US-Iran tensions persist. Locally, the demand remains high despite the soaring costs, as the PKR continues to show volatility against the US Dollar. Financial experts warn that if the global energy blockade at the Strait of Hormuz continues, gold could see further appreciation, making it a difficult time for consumers but a lucrative period for long-term investors.
