Gold price in Pakistan rocketed to an all-time high on Wednesday with glittering metal’s price surpassing half-a-million-rupee mark per tola, reported 24NewsHD TV channel.
After a whopping surge of $127 rise in per-ounce rate of gold price in the international market took the rate to $4,840, the price of 24-karate gold in Pakistani markets snowballed to Rs506,362 per tola, registering a hefty one-day rise of Rs12,700.
The rate of 10 grams of gold shot up to Rs434,123, recording an increase of Rs10,888, while the price of 10 grams of 22-karat gold rose by Rs9,981 to Rs397,960.
Silver prices also witnessed an upward trend, with the price of 24-karat silver per tola increasing by Rs64 to Rs9,933, whereas the price of 10 grams of silver went up by Rs54 to Rs8,515.
In the international market, gold prices climbed by $127 to reach $4,840 per ounce, marking a fresh record, while silver prices rose by $0.64 to $94.58 per ounce, the association reported.
In the international market, the gold prices surged to an all-time high as investors sought safety amid rising global political and economic uncertainty. The metal climbed above $4,800 per ounce for the first time in history. Strong demand for safe-haven assets and a weaker US dollar drove the rally.
Spot gold rose 1.2 percent to $4,821 per ounce during the session. Prices briefly touched a record intraday high of $4,843. US gold futures for February delivery also advanced by 1 percent, trading near $4,813 per ounce.
Market experts link the surge to growing geopolitical tensions and investor anxiety. Statements by US President Donald Trump on potential tariffs against European nations, remarks on asserting control over Greenland, and criticism of NATO allies unsettled financial markets. Trump said there was “no way back” on the Greenland issue and did not rule out the use of force, which intensified risk aversion.
Analysts say investors are reducing exposure to the US dollar and long-term bonds while increasing allocations to gold. The dollar hovered near a three-week low against the euro and Swiss franc. Asian equity markets also declined for a third straight session, reflecting cautious sentiment.
On Tuesday, the gold prices in Pakistan had surged, with the per-tola price reaching Rs493,662, after rising Rs4,300 during the day.
Similarly, 10-gram gold was sold at Rs423,235, up Rs3,686, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Reporter Ashraf Khan/Agencies