KARACHI: Gold and silver prices surged to new historic highs on Wednesday in both international and local markets, driven by global uncertainty, strong investor demand, and fluctuations in currency and commodity markets. The sharp rally has made precious metals one of the most searched financial topics, especially gold price in Pakistan and international gold rates today.
In the international bullion market, gold prices recorded an exceptional jump. The price of gold per ounce surged by $127 to reach $4,840, while spot gold climbed 2.6% to $4,885.11 per ounce by 0633 GMT after touching an all-time high of $4,887.82 earlier in the session. US gold futures for February delivery also rose 2.6% to $4,888.20 per ounce, reflecting strong global demand for safe-haven assets.
In Pakistan, gold prices mirrored the global trend. The price of gold per tola increased by Rs12,700 to reach a new record level of Rs506,362. Similarly, the price of 10 grams of gold rose by Rs10,888 to settle at Rs434,123, according to local bullion market rates. The continuous rise follows strong gains earlier in the week, when gold prices had already reached historic levels.
Silver prices also witnessed notable movement. In the local market, silver per tola rose by Rs64 to hit a new high of Rs9,933, while the price of 10 grams increased by Rs54 to Rs8,515. Internationally, spot silver eased slightly by 0.5% to $95.03 an ounce after hitting a record high of $95.87 on Tuesday.
Other precious metals showed mixed trends. Spot platinum slipped 0.5% to $2,473.80 per ounce after reaching a record high earlier in the day, while palladium edged up 0.1% to $1,881.57.
Market analysts attribute the rally to escalating geopolitical tensions, trade war fears, and a weaker US dollar, which have increased demand for gold as a hedge against inflation and uncertainty. Meanwhile, the State Bank of Pakistan injected around Rs50 billion through a three-day reverse repo Open Market Operation, while the Pakistani rupee showed slight improvement against the US dollar, closing at 279.91 in the inter-bank market.
The ongoing surge in gold and silver prices continues to attract strong interest from investors and consumers across Pakistan.
