Gold and silver prices in Pakistan surged to unprecedented levels on Monday, continuing a strong upward trend in the local and international markets.
In the local market, the price of gold per tola rose to Rs462,362, up Rs6,200 from the previous day, while 10-gram gold reached Rs396,400, gaining Rs5,315, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Saturday, gold had already seen a smaller rise, with the per tola rate reaching Rs456,162 after a gain of Rs1,300. Meanwhile, silver prices also climbed sharply, with the per tola rate increasing by Rs218 to Rs7,205, marking a new record.
Global market
The surge in Pakistan follows a broader rally in global markets, where gold crossed the $4,400-per-ounce mark for the first time. Spot gold climbed 1.7 per cent to $4,413.01 per ounce as of Monday morning, after earlier reaching a record high of $4,420.01. U.S. gold futures for February delivery rose 1.4 per cent to $4,446.70 per ounce.
Analysts say expectations of U.S. interest rate cuts and continued safe-haven buying are driving the rally. Bullion prices have surged nearly 68 per cent this year, marking the largest annual rise since 1979, supported by strong central bank purchases and lower interest rates.
Silver also followed gold’s lead, climbing 2.8 per cent to $68.98 per ounce, after hitting a record $69.44 earlier in the session. Silver has soared 138 per cent year-to-date, propelled by a persistent supply deficit, growing industrial demand, and strong investment interest.
“Lower rates are supporting the demand for real assets like gold and silver. The rise in other metals such as copper suggests that investors are seeking broad exposure to commodities, likely anticipating that inflation could remain elevated for some time,” said UBS analyst Giovanni Staunovo.
The latest price movements highlight continued investor appetite for precious metals, both as a hedge against economic uncertainty and as a long-term store of value.
