KARACHI: Gold and silver prices surged further on Thursday in both global and domestic markets, touching fresh record highs for the second day in a row amid strong investor demand for safe-haven assets.
Bullion traders said the international gold price jumped by $212 an ounce to $5,504, the highest level on record. The rally quickly filtered through to Pakistan’s local market, where gold per tola climbed by Rs21,200 to Rs572,862 — the highest price ever recorded in the country.
The price of 10 grams of gold rose by Rs18,175 to Rs491,136, according to market data.
Silver also posted strong gains, with per tola prices increasing by Rs264 to Rs12,175, while 10 grams of silver rose by Rs227 to Rs10,438.
The latest surge followed Wednesday’s historic rally when gold in Pakistan crossed Rs551,500 per tola for the first time, tracking a sharp rise in international bullion markets where prices topped $5,300 an ounce.
Analysts said the jump was driven by global economic uncertainty, a weaker US dollar and growing concerns among investors over monetary policy and geopolitical tensions, prompting a shift toward precious metals as a hedge against risk.