Gold prices surge by Rs1,620 per tola to new record high

KARACHI: Gold prices in the local market continued their upward trajectory on Saturday, surging by Rs1,620 per tola as international prices climbed further. This latest increase has pushed gold rates to an all-time high, fuelled by rising global demand, economic uncertainty and geopolitical tensions.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola jumped to Rs325,000, while the 10-gram gold rate climbed by Rs1,389, reaching Rs278,635.

In the international market, gold prices rose by $10 per ounce, bringing the new rate to $3,084 per ounce. Experts attribute this increase to heightened investor interest in gold, as concerns over global economic stability drive more buyers towards the precious metal.

Analysts highlight that the continuous rise in gold prices is partly due to America’s economic policies. The US Federal Reserve’s stance on monetary tightening, coupled with fears of inflation and interest rate adjustments, has made gold a more attractive investment for central banks and investors worldwide.

Ongoing geopolitical tensions, trade disputes and economic slowdowns in major economies have reinforced gold’s reputation as a safe-haven asset, pushing prices higher globally.

While gold continued to gain, silver prices saw a decline in the local market. The price of silver per tola dropped by Rs30, bringing it down to Rs3,580, while the 10-gram silver rate decreased by Rs27, settling at Rs3,069.

Market experts anticipate that gold prices may remain volatile in the coming weeks, as global economic uncertainties persist and central banks continue accumulating gold. Investors are closely watching US policy developments, inflation trends and currency fluctuations, all of which are likely to influence gold prices further.