KEY POINTS
- Gold prices in Pakistan jump to a new all-time high of Rs 462,362 per tola
- Silver also hits a record, climbing to Rs 7,205 per tola
- Global prices surge on expectations of further US rate cuts and investor-haven buying
ISLAMABAD: Gold prices in Pakistan surged to a fresh all-time high on Monday, extending a strong rally in precious metals driven by rising global prices, expectations of further US interest rate cuts, and sustained safe-haven demand.
Silver also joined the upswing, reaching an unprecedented level in the domestic market. In the local market, the gold price per tola rose by Rs 6,200 to settle at Rs 462,362, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Similarly, the price of 10-gram gold increased by Rs 5,315 to Rs 396,400.
The sharp rise followed gains recorded over the weekend. On Saturday, the gold price per tola was at Rs 456,162 after an increase of Rs 1,300 at the market close.
Silver hits a new peak
Silver prices also posted a strong advance. The prices of silver per tola climbed by Rs 218 to reach Rs 7,205, marking a new all-time high in the domestic market.
Global markets fuel rally
Internationally, gold prices jumped past the $4,400 per ounce level for the first time, reflecting growing investor expectations of further easing in US monetary policy and heightened demand for safe-haven assets.
The international gold rate rose by $62 to $4,400 per ounce, including a premium of $20.
Spot gold was trading 1.7 per cent higher at $4,411.01 per ounce at 0822 GMT, after touching a record high of $4,420.01 earlier in the session.
US gold futures for February delivery gained 1.3 per cent to $4,444.00 per ounce.
Silver prices also surged globally. Spot silver climbed 2.5 per cent to hit an all-time high of $69.44 per ounce, reinforcing bullish sentiment across the precious metals complex.
Market participants say the outlook for gold and silver remains firm, supported by expectations of lower interest rates in major economies and ongoing geopolitical and economic uncertainties.
