Gold prices surge Rs3,500 per tola to all-time high

KARACHI: Gold prices jumped by Rs3,500 per tola on Friday in the local market, following a sharp rise in international rates. This surge pushed gold prices to a new all-time high, both locally and globally.

According to the All Sindh Saraf Jewellers Association, the price of gold reached Rs272,000 per tola in the local market. Similarly, the price of 10-gram gold increased by Rs3,001, bringing it to Rs233,196.

In the international market, gold prices saw a significant rise of $35, reaching $2,612 per ounce. The increase is largely attributed to ongoing geopolitical tensions and global economic uncertainty, prompting investors to turn to gold as a safe-haven asset.

Despite the sharp rise in gold, silver prices remained unchanged. Silver rates stood at Rs2,950 per tola, while 10-gram silver prices remained steady at Rs2,529.14.Local jewellers reported that gold prices in Pakistan are adjusted with a premium of $20 over international market rates, reflecting the demand and supply dynamics within the country. Although demand for jewellery remains subdued due to the high prices, there is steady interest in raw gold and bars from investors looking to hedge against economic risks.Analysts suggest that as long as international market uncertainties persist, the upward trend in gold prices may continue.