Gold prices in Pakistan continued their dramatic climb on Friday, hitting fresh all-time highs as international markets saw another strong rally.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by a massive Rs. 14,100 per tola, pushing the rate to a record Rs. 456,900. Similarly, the price of 10-gram gold increased by Rs. 12,089, reaching Rs. 391,718.
Just a day earlier, gold had already gained Rs. 1,900 per tola to close at Rs. 442,800 but Friday’s spike marked one of the steepest single-day jumps in recent memory.
The rally wasn’t limited to Pakistan. Globally, gold prices surged as spot gold touched an unprecedented $4,378.69 per ounce before settling at $4,362.39, up 0.9% for the day. US gold futures for December delivery also climbed 1.7%, closing at $4,375.50. The APGJSA reported that the international price stood at $4,358 per ounce (including a $20 premium), marking an increase of $141 in a single session.
Silver followed a similar trajectory, with its per tola price jumping Rs. 167 to hit a new record of Rs. 5,504.
Market analysts attribute the surge to growing global uncertainty, particularly concerns over US regional banks, geopolitical tensions, and expectations of further interest rate cuts. These factors have driven investors toward the traditional safe haven of gold, fueling a rally that has now lasted several consecutive sessions.
With an 8.6% gain this week, gold is on pace for its strongest weekly performance since September 2008, when global financial markets were reeling from the last major economic crisis.
Whether this rally marks a temporary spike or the beginning of a sustained upward trend remains to be seen, but for now, gold’s glitter shows no sign of fading.
