Gold prices in Pakistan pushed to yet another all-time high on Wednesday, extending a rally that has shown little sign of slowing as global markets continue to surge.
The local bullion market opened the day with a sharp jump, adding Rs2,000 per tola. This took the price of gold to Rs472,862 per tola, according to the All-Pakistan Gems and Jewellers Sarafa Association. The rise followed strong gains overnight in international markets, where investors poured money into precious metals.
Ten gramme gold also moved higher, climbing by Rs1,714 to reach Rs405,402. The steady increase has made gold increasingly out of reach for many buyers, yet demand remains firm as people look for safer places to park their money.
Silver follows gold higher
Silver mirrored gold’s upward move and posted a notable single-day increase. The price of silver rose by Rs500 per tola, bringing it to Rs7,505 per tola in the local market. Traders said silver has benefited from the same global factors driving gold, along with growing interest from investors seeking alternatives.
Just a day earlier, on Tuesday, gold had already made headlines after rising by Rs8,500 in a single session to hit Rs470,862 per tola. Wednesday’s gains have now pushed prices even further into record territory.
Global rally fuels local surge
Internationally, gold crossed the $4,500 per ounce mark for the first time, setting a new milestone. Spot gold traded close to $4,495 per ounce after touching an intraday high of $4,525. US gold futures for February delivery also hit fresh records above $4,520.
Other precious metals joined the rally. Silver climbed to around $72 an ounce after briefly touching an all-time peak, while platinum and palladium also recorded strong gains.
Market analysts say investors are increasingly turning to precious metals as a hedge against geopolitical tensions and trade uncertainty, particularly amid strained relations between major economies.
Expectations that US interest rates could fall further next year have added to the appeal of non-yielding assets like gold. Thin trading towards the year end has also amplified price swings. Analysts believe the broader trend may continue, with some forecasting gold to test even higher levels in the coming months if global risks remain elevated.
