Gold prices in Pakistan surged on Wednesday, reaching a record high amid gains in the international market. The price per tola jumped by Rs2,000 to Rs472,862, while 10-gram gold was sold at Rs405,402 after increasing by Rs1,714, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Tuesday, gold per tola had already risen by Rs8,500 to reach Rs470,862. The international price of gold also climbed, gaining $20 to touch $4,505 per ounce, with a premium of $20. Investors are turning to precious metals as a safe-haven amid expectations of lower US interest rates next year.
Read more: Gold and silver prices reach record highs
Silver prices in Pakistan also increased by Rs500, reaching Rs7,505 per tola. Internationally, silver surged to a record high of $72.70 per ounce, while platinum also saw historic gains, reflecting strong global demand for precious metals.
Spot gold rose 0.1% to $4,492.51 per ounce by early trading hours, after reaching a session peak of $4,525.19. US gold futures for February delivery climbed 0.3% to a record high of $4,520.60. Silver gained 1.2% to $72.27 an ounce.
Read more: Gold slips in Pakistan as global prices ease
The latest surge highlights growing investor confidence in gold and silver as safe-haven assets amid global economic uncertainty. Analysts expect prices to remain elevated if demand persists and international market trends continue.