Key Points
- Gold hits a historic milestone in domestic trade
- Prices track a sharp surge in international bullion markets
- Silver also moves higher on the day
- Jewellers flag volatility after record-setting gains
ISLAMABAD: Gold prices in Pakistan surged to an all-time high on Wednesday, crossing the Rs 500,000 per tola threshold for the first time as a powerful international rally lifted bullion markets worldwide.
In the local market, the price of 24-karat gold rose by Rs 12,700 to settle at Rs 506,362 per tola. The price of 10 grams climbed by Rs 10,888 to Rs 434,123, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association.
The latest jump builds on strong momentum from the previous session. On Tuesday, gold had closed at Rs 493,662 per tola after gaining Rs 4,300 during the day, setting the stage for a sharp breakout on Wednesday.
Internationally, gold prices surged by $127 to reach $4,840 per ounce, including a premium of $20. Analysts say the global move reflects heightened demand for safe-haven assets amid geopolitical tensions and economic uncertainty, trends that quickly transmit to Pakistan’s bullion market.
Silver prices also moved higher in local trade. The prices of silver increased by Rs 64 to reach Rs 9,933 per tola, tracking the broader strength in precious metals.
Market participants say the crossing of the Rs 500,000 mark represents a psychological shift for buyers and sellers alike. Traders caution that price swings could remain sharp in the near term as global signals continue to dominate local sentiment.
