KARACHI: Gold and silver prices surged sharply in Pakistan on Friday, driven by a strong rally in international bullion markets that pushed domestic precious metal prices to record highs.
According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold jumped Rs12,200 per tola to Rs440,936.
The price of 10 grams of gold rose by Rs10,459 to Rs378,031.
In the international bullion market, gold gained $122 per ounce to close at a record $4,185 per ounce, fueling the sharp increase in Pakistan’s local market.
Silver prices also climbed significantly. The price of one tola of silver increased by Rs319 to Rs6,764.
Bullion dealers attributed the latest rally to ongoing global economic uncertainty, which has prompted investors to seek safe-haven assets such as gold.
Gold has traditionally been viewed as a hedge against inflation, geopolitical tensions and economic instability, with investors often turning to the precious metal during periods of heightened market uncertainty.
Pakistan revised its gold pricing mechanism last year, under which domestic gold prices are calculated using the international market rate plus a $20-per-ounce premium.
