Karachi: Gold prices in Pakistan soared to an all-time high on Tuesday after recording a historic single-day increase, driven by a surge in international markets and strong global demand.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola jumped by Rs21,100, taking it to a record Rs551,662.
Similarly, the price of 10 grams of gold rose by Rs18,090 to settle at Rs472,961.
In the international market, gold prices surged by $211 per ounce, reaching $5,293, reflecting heightened investor demand amid global economic uncertainty.
Silver prices also followed the upward trend, with the price per tola increasing by Rs271 to a record Rs11,911.
Market experts attributed the sharp rise in gold and silver prices to increasing global demand, a stronger US dollar, and investor concerns over inflation and geopolitical instability.
Gold is traditionally viewed as a safe-haven investment, with prices typically rising during periods of economic uncertainty, inflation, and political instability. For centuries, it has been used as a store of value, especially when investors lose confidence in other financial assets.
It is worth noting that last year Pakistan revised its gold pricing mechanism, under which local gold prices are set $20 per ounce higher than international market rates.
