Pakistans Gold Price Fluctuations Prompt Buyers to Consider Silver Alternatives

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Gold Prices Surge, Silver Sees Increased Demand in Pakistan

Lahore, Pakistan - Over the past two weeks, fluctuations in global gold and silver prices have led to an increase in demand for precious metals among Pakistani consumers. Several jewellery stores in Lahore have reported a surge in inquiries from customers seeking to purchase or sell gold and silver.

According to Waqas Siddiqi, owner of a local jewellery store, the recent price fluctuations have sparked interest in both gold and silver as investment options. “We’ve seen an increase in customers looking to buy silver bars or sell gold,” he said. Another jeweller, Omer Ehsan, confirmed this trend, noting that his customers had called to inquire about investing in silver.

The domestic market has seen significant price increases for both gold and silver. The price of 10gm gold rose by over 20,000 rupees ($71) to reach 440,000 rupees ($1,572) on Wednesday. Silver prices also increased, with 10gm silver reaching 7,800 rupees ($28).

Industry experts attribute the recent market fluctuations to concerns about an impending attack on Iran and subsequent panic in the market. Hanif Chand, a jeweller in Karachi, noted that the market has calmed down slightly since news of US President Trump’s decision-making process was released.

Ali Aftab Saeed, an independent investment analyst, suggests that China’s surge in gold buying is also driving up prices. The country has reduced its holdings of US Treasury securities and replaced them with large-scale purchases of gold.

Razzak Ahmed, a jewellery shop owner in Islamabad, notes that the high cost of gold has led to increased demand for silver as an investment option. “The returns on silver are significant, making it an attractive choice for many consumers,” he said.

Prices for both metals have seen significant fluctuations over the past year, with China’s shift towards gold purchases contributing to the recent price increases.

Source: Al Jazeera