In an unprecedented surge, gold prices in Pakistan skyrocketed to an all-time high on Monday, mirroring a global rally in precious metals fueled by economic uncertainty and geopolitical tensions. 24-karat gold prices soared in the local market, with a tola rising Rs8,100 to Rs357,800 and 10 grams up Rs6,944 to Rs306,755, per bullion dealers.
Globally, gold prices soared as investors sought safe-haven assets amid fears of stagflation and aggressive trade policies. The international bullion market saw the price of gold per ounce leap by $69, reaching a historic $3,395. Spot gold rose 1.7% to $3,385.28 per ounce by 0815 GMT, after peaking at $3,395.95 earlier in the session. US gold futures also advanced 2.1% to $3,396.60, reflecting heightened demand.
The rally was spurred by concerns over US President Donald Trump’s proposed tariffs, which have rattled global markets and cast a shadow over the economic outlook of the world’s largest economy. Investors, wary of potential disruptions, are pulling back from US assets, further boosting gold’s appeal. Sustained gold purchases by central banks globally have also supported the upward trend.
In Pakistan, the impact of the global surge was immediate. “The local market is closely tied to international trends, and the rising uncertainty has driven unprecedented demand for gold,” said a Karachi-based bullion trader. Silver prices also saw gains, with per tola silver rising by Rs24 to Rs3,441 and 10 grams increasing by Rs21 to Rs2,950.
Other precious metals showed mixed performance. Spot silver edged up 0.5% to $32.74 per ounce, and platinum gained 0.4% to $971.10. Palladium, however, dipped 0.3% to $958.93.
Analysts attribute the surge to a combination of inflationary pressures, trade policy uncertainties, and a flight to safety among investors. “Gold is thriving in this environment of doubt and volatility,” noted a market expert. As global and local markets brace for further developments, the allure of precious metals as a hedge against instability continues to grow, cementing gold’s status as a cornerstone of financial security.
