Gold prices shattered records on Friday, surging to new peaks in both international and domestic markets, driven by robust demand and economic uncertainties. In Pakistan, the cost of gold per tola skyrocketed by Rs2,450, hitting an all-time high of Rs323,450, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10 grams of gold jumped by Rs2,100, reaching Rs277,300, reflecting the metal’s relentless climb.
Globally, the precious metal mirrored this bullish trend, with international spot prices rising by $25 to settle at $3,075 per ounce (including a $20 premium). The surge comes on the heels of a notable increase on Thursday, when gold per tola in Pakistan had already leaped by Rs3,150 to close at Rs321,000, signaling strong momentum in the market.
Analysts attribute the rally to a mix of factors, including geopolitical tensions, inflationary pressures, and a weakening US dollar, which have bolstered gold’s appeal as a safe-haven asset. Investors worldwide are flocking to the metal, pushing its value to historic levels and fueling optimism among traders.
Silver, often overshadowed by its glittering counterpart, also joined the upward trend. In Pakistan, silver prices climbed by Rs35 per tola, ending the day at Rs3,615, a modest yet significant gain that underscores the broader strength in precious metals.
Local jewellers and market watchers noted unprecedented activity, with buyers rushing to secure gold amid fears of further price hikes. “The market is buzzing, and gold’s allure is stronger than ever,” said a spokesperson from APGJSA. As the weekend approaches, all eyes remain on whether this record-breaking streak will persist, cementing gold’s status as a cornerstone of wealth preservation in turbulent times.
