Gold prices climb out of ordinary buyers' reach

Gold prices shot up to record levels in international and local markets, touching historic peak. In the international bullion market, the price of precious metal per ounce rose sharply by $35 to $3,890 on Wednesday.

Locally, the price of gold per tola increased by Rs3,500, bringing it to a record Rs410,278. Meanwhile, the price per 10 grams of gold rose by Rs3,001 touching Rs351,747, also marking a new high.

In recent months, gold prices in Pakistan have surged sharply, making the precious metal increasingly unaffordable for many people. Traditionally, gold plays a central role in weddings, festivals, and other cultural occasions, and it is often used as a store of wealth and a form of investment.

The rising costs have put significant pressure on middle-class families, who are finding it harder to purchase gold for dowries, gifts, or savings.

The surge in gold prices has drawn widespread attention, as the precious metal is increasingly seen as a safe haven amid global economic uncertainty. The increase has been influenced by fluctuating currency values, rising inflation, and ongoing geopolitical tensions, all of which have driven demand for gold as a secure store of value.

Gold prices fluctuate idepending on movements in international markets and changes in foreign exchange rates, keeping investors and consumers on alert.

Petrol up by Rs4.07

A day earlier, the federal government announced an increase in the prices of petroleum products, with the new rates taking effect from October 1. According to a notification issued by the Ministry of Finance, the price of petrol has been raised by Rs4.07 per litre, while high-speed diesel has gone up by Rs4.04 per litre.

Following the price hike, petrol will now cost Rs268.68 per litre, up from Rs264.61. High-speed diesel will be priced at Rs276.81 per litre, up from the previous rate of Rs272.77.

These revised prices will remain in effect for the next 15 days. The increase is part of the government’s routine review of petroleum prices, which are influenced by fluctuations in international markets and exchange rate changes.