Precious metal prices in Pakistan witnessed a massive surge on Friday, with gold and silver reaching unprecedented record levels.
According to the daily report released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the domestic market responded sharply to a significant rally in global bullion rates.
The price of 24-karat gold per tola saw a staggering increase of Rs. 9,100, bringing the new market rate to Rs. 514,662.
This spike marks one of the largest single-day gains in recent history, pushing the precious metal deeper into record territory.
The silver market was not left behind, as prices also climbed to new heights. The price of 24-karat silver per tola rose by Rs. 372, settling at Rs. 10,275.
The domestic hike is primarily attributed to a volatile international market.
On the global front, international gold prices surged by $91, reaching $4,923 per ounce. Similarly, international silver jumped to $98.00 per ounce, reflecting a gain of $3.72.
Analysts suggest that global geopolitical tensions and a weakening US dollar have driven investors toward “safe-haven” assets like gold and silver, causing prices to spiral upward globally and locally.
Experts confirmed these rates, noting that the consistent rise is putting immense pressure on the local jewelry industry, with sales reportedly slowing down due to the high costs.
