Gold prices in Pakistan hit a new record on Wednesday, rising by Rs3,500 per tola. The price per tola climbed to Rs410,278, continuing the upward trend seen in international markets. Similarly, 10-gram gold increased by Rs3,001, reaching Rs351,747. The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) shared these updated rates.
On Tuesday, gold had already risen by Rs3,178 per tola to Rs406,778. The international gold price also surged, reaching $3,890 per ounce with a $20 premium. This marked a $35 increase during the day. Silver prices rose as well, increasing by Rs50 per tola to Rs4,826.
Read more: Gold rates surge to record Rs 406,778 per tola
Globally, gold prices surged to record highs on Wednesday. Investor demand for safe-haven assets grew after the US government shutdown began. Soft US labor data increased hopes for Federal Reserve interest rate cuts, boosting gold prices further.
Spot gold rose 0.1% to $3,861.99 per ounce after hitting an all-time high of $3,875.32. US gold futures for December delivery gained 0.7%, reaching $3,901.40 per ounce. This global trend is directly impacting prices in Pakistan.
In summary, gold prices in Pakistan continue to rise sharply. The gains reflect both local demand and international market dynamics. Investors are increasingly turning to gold amid economic uncertainties worldwide.