The price of gold and silver in Pakistan and the global market reached a new high in history on Thursday, as the price of gold per tola in Pakistan reached nearly Rs600,000.
The price of gold saw the biggest increase in history in Pakistan and the global market.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold increased by a massive Rs21,200 per tola, reaching Rs572,862, as global rates rose amid steady investor demand.
The price of 10 grams of gold also climbed by Rs18,175 to Rs491,136, according to the APSGJA. The price of 10g of 22-karat gold increased by Rs16,661 to reach Rs450,224.
In the international market also, gold prices increased by $212 per ounce to settle at $5,505. The uptick reflects sustained global interest in precious metals amid economic uncertainty and shifting currency trends.
Also Read: Gold rate in Pakistan crosses Rs551,000: Highest in history
Silver followed a similar trajectory, with the price per tola of 24-karat silver rising by Rs264 to reach the highest-ever rate of Rs12,175. The price of 10 grammes of 24k silver hiked by Rs227 to be sold for Rs10,438.
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 marched ahead, hovering just shy of $5,600 an ounce as investors rushed into safe havens amid geopolitical and economic unease, while silver vaulted past $120.
Spot gold shot up 2.7% to $5,546.29 an ounce by 0752 GMT, after hitting a record high of $5,594.82 earlier in the day. The metal has hit record highs for nine straight sessions.
Also Read: Gold eyes $5,600 on flight to safety; silver tops $120
US gold futures for February delivery jumped 4.5% to $5,539.20 after hitting an all-time high of $5,626.80 earlier.
"Gold prices are (rising on) safe-haven demand because of the strange geopolitical situation and even the political situation in the US, (which is) not looking great. There are concerns around Fed independence. And when that happens, investor trust in the financial system gets shaken up," said ANZ analyst Soni Kumari.
Investors are worried about the US Federal Reserve's independence amid the Trump administration's criminal investigation into Chair Jerome Powell, efforts to fire Fed Governor Lisa Cook, and the looming nomination of Powell's replacement in May.
