KARACHI: Global and local gold and silver prices have surged to all-time highs amid rising geopolitical tensions in the Middle East and uncertainty in international markets.
The recent escalation between European Union countries and the United States, coupled with the deployment of a US aircraft carrier to the region and Iran’s military exercises near the Strait of Hormuz, has created a climate of uncertainty, driving both international and domestic precious metals markets to new record levels.
In the international bullion market, gold prices jumped $211 per ounce, reaching a new high of $5,293 per ounce.
This surge was reflected in Pakistan’s local markets, where per tola 24-carat gold soared by Rs 21,100, reaching Rs 551,662 — the highest in the country’s history for a single trading day.
Similarly, 10 grams of gold climbed by Rs 18,090, reaching Rs 472,961.
Silver prices also reached historic levels. In the global market, silver rose $2.36 per ounce, reaching $114.27, while in local markets, per tola silver increased by Rs 271 to Rs 11,911, and 10 grams of silver rose by Rs 232 to Rs 10,211.
Analysts attribute the surge to a combination of factors, including the de-dollarization trend, which has pushed the US dollar to a four-year low, and growing demand for gold as a safe-haven asset amid geopolitical uncertainties.
Central banks worldwide are also increasing purchases of physical gold, further supporting the upward trend.
As a result, gold and silver prices continue to reach historic levels on a daily basis, reflecting both global and domestic market dynamics.