KARACHI: Gold prices in Pakistan surged to unprecedented levels on Saturday, tracking a strong rally in international markets and reflecting heightened global economic uncertainty, bullion dealers said.
According to the All Pakistan Sarafa Gems and Jewellers’ Association, the price of 24-carat gold jumped by Rs6,500 per tola to a record Rs521,162. The price of gold per 10 grams also climbed sharply by Rs5,573 to Rs446,812.
This follows a significant increase on Friday, when gold prices rose by Rs9,100 per tola to Rs514,662, while the price of 10 grams increased by Rs7,802 to Rs441,239.
Silver prices mirrored the upward trend, with silver per tola rising by Rs526 to an all-time high of Rs10,801.The price of 10 grams of silver increased by Rs451 to Rs9,260.
In the international bullion market, gold gained a further $65 to reach a record $4,988 per ounce pushing domestic prices higher. Dealers said strong global demand and rising international prices were being fully passed on to local markets.
Gold widely seen as a safe-haven asset, has surged more than 50 per cent since April last year, marking the fastest price increase since the 1970s. Analysts attribute the rally to rising economic uncertainty, prompting investors banks and wealthy families to increasingly turn to gold for security.
About The Author
