Gold prices rise by Rs1,100 per tola, hit new all-time high

KARACHI: Gold prices surged by Rs1,100 per tola on Monday in the local market, reaching yet another all-time high amid rising international gold rates. The latest increase continues the upward trend, with prices climbing both locally and globally.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola has now reached Rs314,800, while the price of 10-gram gold rose by Rs943 to Rs269,890. In the international market, gold prices increased by $13, reaching $2,997 per ounce, as global investors sought safe-haven assets amid growing economic uncertainties.

Meanwhile, silver rates remained unchanged, with silver per tola holding steady at Rs3,530, and 10-gram silver maintaining its price at Rs3,026. Market analysts attributed the surge in gold prices to heightened economic and geopolitical tensions worldwide. They pointed to an escalating global trade war, fuelled by the latest policies of the Trump administration, as a key factor behind the rising demand for gold. Reports that the United States is increasing its gold reserves have also contributed to the surge in prices. Experts believe that unless international market conditions stabilise, gold prices may continue their upward momentum, impacting both investors and consumers in the local market.