KARACHI: Gold prices in Pakistan surged to historic highs on Friday, mirroring strong gains in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola soared by Rs14,100 during the day, reaching an unprecedented Rs456,900. Similarly, the 10-gram gold rate climbed by Rs12,089 to settle at Rs391,718.
This follows Thursday’s increase of Rs1,900 per tola, when gold closed at Rs442,800.
The surge in local prices was driven by a sharp rise in global markets, where spot gold jumped 0.9% to $4,362.39 per ounce as of 0439 GMT, after touching a record $4,378.69 earlier. The international gold rate stood at $4,358 per ounce (with a $20 premium), marking a daily gain of $141. U.S. gold futures for December delivery rose 1.7% to $4,375.50.
Gold is now on track for its best weekly performance since September 2008, with an 8.6% gain so far. Investor concerns over U.S. regional bank instability, global trade tensions, and expected interest rate cuts have driven demand for the safe-haven asset.
Silver prices also followed suit, hitting a record Rs5,504 per tola after rising Rs167.
