Gold prices in Pakistan surged to a new all-time high on Saturday, driven by a sharp rise in the international market. Dealers reported that the local gold rate per tola jumped by Rs6,500, reaching Rs521,162. This increase comes after a strong rally on Friday when gold prices rose by Rs9,100 per tola.
The price of 10 grams of gold also saw a significant rise. It increased by Rs5,573 and settled at Rs446,812, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The association’s latest figures highlight the sustained upward momentum in the precious metals market.
International Gold Prices Surge
Gold’s rise in Pakistan follows a sharp surge in international prices. The APGJSA said global gold prices jumped by $65, reaching $4,988 per ounce. This price included a premium of $20. Experts say that the strong global performance has directly impacted the local market, pushing prices to record levels.
The international rally has been supported by increased investor demand and global economic uncertainty. As investors seek safe-haven assets, gold often becomes the preferred choice during periods of market volatility.
Silver Also Reaches New High
Silver prices in Pakistan also continued their upward trend. The APGJSA reported that silver rates increased by Rs526 per tola. The new record price of silver now stands at Rs10,801 per tola. This marks a continued surge in the precious metals market alongside gold.
Market participants believe that silver’s rise is driven by similar factors as gold. Strong global prices, rising demand, and market uncertainty have all contributed to the metal’s record-breaking performance.
Investor Demand and Market Outlook
Dealers and market analysts said the rise in local prices reflects both global trends and sustained investor demand in Pakistan. Gold is often seen as a safe investment, especially during times of inflation and economic instability.
Many investors turn to gold to protect their savings and hedge against currency devaluation. The recent price surge has increased interest among buyers, further fueling the market.
The APGJSA has been closely monitoring the market movements and advising investors to stay informed. While the prices continue to rise, analysts warn that fluctuations are common in precious metals markets.
In the coming days, the gold market is expected to remain active. Investors will likely keep a close eye on global economic indicators and international gold rates. Any further increase in global prices could push local rates even higher.
