KARACHI: The prices of one-tola and 10-gram gold (24k) rose to an all-time high of Rs410,278 and Rs351,747, respectively, on Monday, incre­a­sing by Rs3,500 and Rs3,001 compared to Saturday.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the domestic surge followed a $35 per ounce rise in international gold prices, which climbed to $3,890 per ounce.

APSGJA President Qasim Shikarpuri said that despite minor corrections in recent months, the global trend has remained upward. He attributed the increase to global uncertainties, including a weaker US dollar, fears of a potential US government shutdown, and expectations of further interest rate cuts by the Federal Reserve.

International media also linked the rally to rising investor interest in gold as a safe haven amid financial uncertainty.

However, Mr Shikarpuri noted that speculation now dominates the global gold market. “Investors appear to be selling gold rather than accumulating it, which adds volatility,” he said.

In Pakistan, jewellers reported subdued retail demand, with most footfall coming from investors rather than traditional buyers. Many gold shops remained quiet, reflecting the high price levels and reduced purchasing power among consumers.

Published in Dawn, October 2nd, 2025