Gold prices in Pakistan have surged to historic levels, extending a sharp upward climb that has reshaped the local bullion market and raised questions about sustainability. Over the past two weeks alone, the price of 24-karat gold has jumped by 7,700 per tola, pushing rates to the Rs 4,80,962 per tola mark, according to market data from jewellers' associations. On a monthly basis, gold has risen by around Rs 30,000- 35,000 per tola, while compared to January last year, prices are up by well over Rs 150,000 per tola, highlighting the scale of the surge. The price of 10 grams of gold has crossed Rs 412,000, reflecting the same upward pressure across all weight categories. Global Pressures, Local Impact Market analysts say the spike is closely tied to global trends. International gold prices have climbed to multi-year highs as investors seek safety amid economic uncertainty, inflation risks, and geopolitical tensions. These global gains are quickly transmitted to Pakistan’s domestic market, where the impact is often intensified by rupee depreciation and import costs. Compared to regional markets, Pakistan’s gold prices have risen at a faster pace, largely due to currency weakness. Even small movements in international bullion rates are translating into sharp local increases, leaving little room for price stabilization. Investors Gain, Consumers Feel the Strain While investors and traders have benefited from rising prices, the impact on consumers has been severe. Jewellers report a significant slowdown in retail sales, particularly for wedding-related purchases. Compared to last year, many buyers are either postponing purchases or shifting toward lighter jewelry, as affordability continues to shrink. Silver prices have also moved higher, but gold remains the primary focus for investors, reinforcing its role as a financial hedge rather than a consumer commodity. How Long Can Prices Stay This High? Analysts are divided on whether prices will cool in the near term. Some expect continued upward pressure if global uncertainty persists, while others believe prices may stabilize after such a rapid climb. However, even if international rates ease slightly, experts warn that local prices may remain elevated due to structural factors such as currency volatility and reliance on imported bullion. Outlook With gold prices now sitting near record highs, the key question is no longer just about short-term fluctuations, but whether Pakistan’s market can absorb prolonged price pressure. For investors, gold continues to shine. For ordinary buyers, however, it is becoming an increasingly distant and costly asset, a shift that could redefine the country’s bullion and jewelry market in the months ahead.