The price of gold in Pakistan and globally witnessed the highest ever single-day raise on Wednesday, taking the rate of the metal to a new all-time high.
The price of gold per tola in Pakistan has exceeded Rs550,000 for the first time in history.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold increased by a massive Rs21,100 per tola, reaching Rs551,662, as global rates rose amid steady investor demand.
The price of 10 grams of gold also climbed by Rs18,090 to Rs472,961, according to the APSGJA. The price of 10g of 22-karat gold increased by Rs16,583 to reach Rs433,563.
In the international market also, gold prices increased by $211 per ounce to settle at $5,293. The uptick reflects sustained global interest in precious metals amid economic uncertainty and shifting currency trends.
Also Read: Gold price in Pakistan falls after record highs
Silver followed a similar trajectory, with the price per tola of 24-karat silver rising by Rs271 to reach the highest-ever rate of Rs11,911. The price of 10 grammes of 24k silver hiked by Rs232 to be sold for Rs10,211.
Gold and silver have become the most expensive metals due to purchases by central banks of many countries and the ongoing geopolitical conditions.
In the international market, gold broke through $5,200 for the first time on Wednesday, as the dollar plunged to a near four-year low amid persisting geopolitical concerns, ahead of a US Federal Reserve monetary policy decision.
Spot gold jumped 1.4% to $5,262.66 per ounce, as of 0558 GMT, after scaling a record high of $5,266.37 earlier. It has gained more than 20% since the start of the year.
Also Read: Gold's blistering rally continues past $5,200
US gold futures for February delivery surged 3.4% to $5,255.30 per ounce.
"(Gold's rise) is due to the very strong indirect correlation with the dollar and ... Trump's remark to a casual question about the dollar, which implied that (there is) a broad-based consensus within the White House to have a weaker greenback going forward," said Kelvin Wong, a senior market analyst at OANDA.
The US dollar was grappling with a "crisis of confidence" as it struggled near four-year lows, exacerbating dollar selling, after President Donald Trump said the currency's value is "great" when asked whether he thought it had declined too much.
US consumer confidence, meanwhile, slumped to its lowest level in more than 11-1/2 years in January amid mounting anxiety over a sluggish labour market and high prices.
