KARACHI – Gold prices in Pakistan soared to an all-time high on Monday, in line with a global surge as jittery investors turned to the precious metal amid growing economic uncertainty and geopolitical tensions.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold jumped by Rs. 5,400 in a single day, reaching an unprecedented Rs. 415,278 per tola. Meanwhile, the price of 10 grams of gold rose by Rs. 4,629, settling at Rs. 356,033.
The record-breaking rally in domestic markets reflects similar movements internationally, where spot gold crossed the $3,900-per-ounce mark for the first time. By 0208 GMT, spot gold had gained 0.9%, trading at $3,922.28 per ounce, after touching a historic high of $3,924.39 earlier in the session. The APGJSA reported the international rate at $3,940 per ounce, including a $20 premium, representing a sharp $54 increase for the day.
Analysts attribute the surge to a combination of factors, including a weakening yen, fears of a potential U.S. government shutdown, and heightened expectations that the Federal Reserve may announce further interest rate cuts. These developments have collectively fueled investor demand for safe-haven assets like gold.
Silver prices in Pakistan also moved upward, gaining Rs. 53 per tola to reach Rs. 4,949.
Market observers say the sustained upward trajectory of gold highlights global unease over inflation and economic instability. Traders expect volatility to continue in the coming days as investors closely monitor central bank policies and currency market fluctuations.
