Gold jumps to all-time high in Pakistan as global prices surge

KARACHI: Gold prices in Pakistan jumped to record highs on Saturday, tracking gains in global markets, dealers said.

According to the All Pakistan Sarafa Gems and Jewellers’ Association, the price of 24-carat gold rose by Rs6,500 per tola to an all-time high of Rs521,162, according to bullion traders. The price of gold per 10 grams climbed by Rs5,573 to 446,812 rupees.

On Friday, the price of gold had increased by Rs9,100 per tola, taking it to Rs514,662 per tola. The price of 10 grams of gold had also risen by Rs7,802 to Rs441,239.

Silver prices also advanced sharply, with silver per tola rising by Rs526 to a record Rs10,801, while the price per 10 grams increased by Rs451 to Rs9,260.

On the international bullion market, gold gained a further $65 to reach a record high of $4,988 per ounce, traders said, pushing domestic prices higher.

Bullion dealers said the surge reflected strong global demand and international price movements, which continued to be passed on to local markets.

Gold is widely regarded as a safe-haven asset, with prices typically holding firm or rising during periods of financial stress or economic uncertainty.

The latest surge marks the fastest increase in gold prices since the 1970s, with prices up more than 50 per cent since April last year.

Gregor Gregersen, founder of Silver Bullion, a precious metals dealer and storage provider, said demand for gold had risen sharply amid global economic uncertainty.

“Our customer base has more than doubled over the past year,” Gregersen said, adding that investors, banks and wealthy families were increasingly turning to gold as a secure investment.