KARACHI: Gold prices surged to unprecedented levels on Monday in both global and local markets, supported by strong safe-haven demand and continued buying interest amid economic uncertainty.
In the international bullion market, spot gold climbed 1.7% to $4,413.01 per ounce by 0955 GMT, after earlier touching a record high of $4,420.01. US gold futures for February delivery also advanced, rising 1.4% to $4,446.70 per ounce.
Reflecting the global uptrend, gold prices in Pakistan soared to new records. The price of gold per tola increased by Rs6,200 to an all-time high of Rs462,362. Likewise, the price of 10 grams rose by Rs5,315 to reach Rs396,400, the highest level ever recorded in the domestic market.
Silver prices also posted strong gains. In the international market, spot silver jumped 2.8% to $68.98 per ounce after hitting a new peak of $69.44 during the session.
Analysts attributed the rally to persistent global uncertainty, expectations of monetary easing, inflation concerns and rising geopolitical risks, which have boosted investor demand for precious metals as a safe store of value.
