Gold and silver prices surged to historic highs in local markets on Monday, reflecting a sharp rally in international bullion rates driven by expectations of US interest rate cuts and strong safe-haven demand.
Read More: Gold price rises to reach Rs 462,362 a tola
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 10 grams of 24-karat gold rose by Rs5,315 to Rs396,400, while the price of one tola increased by Rs6,200 to Rs462,362. Both figures marked the highest levels ever recorded in Pakistan.
The previous record had been set in mid-October, when gold prices stood at Rs391,718 per 10 grams and Rs456,900 per tola. In the international market, gold jumped by $62 to reach a new peak of $4,400 per ounce, providing further momentum to domestic prices.
Read More: Gold slips in Pakistan as global prices ease
Data shows a dramatic rise in gold prices over the year. On January 1, 10 grams of gold was priced at Rs234,568 and one tola at Rs273,600, when global gold traded at $2,624 per ounce. Since then, local prices have surged by more than Rs160,000 per 10 grams.
APSGJA President Qasim Shikarpuri attributed the global rally to sustained buying by central banks and growing investor demand worldwide. He said gold continued to attract investors seeking protection against inflation, currency volatility and geopolitical uncertainty.
He noted that in Pakistan, most buyers now prefer investment-grade products such as 10-tola gold bars rather than jewellery. Rising prices and the high cost of living have significantly reduced jewellery purchases, placing pressure on traders.
Shikarpuri said many households were selling old jewellery to meet daily expenses, while jewellers were struggling to cover rising electricity bills and workers’ wages amid declining sales.
Silver prices also hit record levels on Monday. The price of 10 grams climbed to Rs6,177, while one tola reached Rs7,205, as global silver rose to $69.30 per ounce. At the start of the year, silver prices were less than half their current levels.