Gold prices in Pakistan hit a new all-time high on Wednesday, tracking a sharp rise in international markets. The price of gold rose by Rs8,400 in a single day, pushing the per tola rate to Rs425,178, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Ten grams of gold were priced at Rs364,521, up Rs7,202.
The rally mirrors global market trends. Internationally, gold broke a major milestone by crossing $4,000 per ounce for the first time in history. As per APGJSA, the global rate stood at $4,039 per ounce, including a $20 premium. This marks an $84 increase during the day.
Read more: Gold prices surge to Rs 416,778 per tola
Just a day earlier, domestic gold prices had already seen a jump of Rs1,500, with per tola reaching Rs416,778. But Wednesday’s spike was far more dramatic, driven by investor panic amid growing geopolitical tensions and expectations of interest rate cuts in the US.
Spot gold surged 1.2% to $4,032.46 per ounce in global trading by 0653 GMT. Meanwhile, US gold futures for December delivery climbed 1.3% to $4,054.80 per ounce, reflecting strong demand for safe-haven assets.
Read more: Gold Breaks $4,000 Mark Amid Economic Turmoil
In addition to gold, silver prices in Pakistan also moved upward. The price per tola of silver rose by Rs55, reaching Rs4,984. Analysts suggest continued volatility in global markets may keep precious metals on an upward trend in the near term.