Key Points
- Largest single-day increase in recent history.
- 10-gram gold rises by Rs12,089 to Rs391,718; silver per tola up Rs167 to Rs5,504.
- International gold at $4,358 per ounce, poised for best week in 17 years.
- Safe-haven demand fueled by US banking weakness, global trade frictions, and rate-cut expectations.
ISLAMABAD: Gold prices in Pakistan surged by Rs 14,100 per tola on Friday, marking the largest single-day jump in recent history, to reach Rs 456,900, a new record high, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price per 10 grams rose by Rs 12,089 to Rs 391,718. On Thursday, gold had increased by Rs1,900 to settle at Rs 442,800 per tola. Silver also gained, with 24-karat silver per tola rising from Rs 167 to Rs 5,504, another record high.
Global Trends
The international gold rate mirrored local gains, trading at $4,358 per ounce, including a $20 premium, up $141 for the day as per APGJSA. Spot gold rose 0.9% to $4,362.39 per ounce as of 0439 GMT, after an earlier peak of $4,378.69. US December gold futures jumped 1.7% to $4,375.50.
Globally, gold is on track for its best week in over 17 years, gaining around 8.6% amid safe-haven demand triggered by the regional banking weakness, global trade tensions, and expectations of further interest rate cuts.
Drivers and Market Outlook
Analysts say the historic surge reflects heightened investor demand for safe-haven assets amid economic uncertainty. With bullion hitting new highs in each session this week, the upward momentum is expected to persist as long as global risk factors remain.
