Gold prices in Pakistan surged to fresh all-time highs on Friday, in line with the global rally in precious metals, marking its strongest weekly performance since September 2008 and setting new records in each trading session.
In the local market, the price of gold per tola jumped by Rs. 14,100 to reach a record Rs. 456,900. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of gold rose by Rs. 12,089 to Rs. 391,718. A day earlier, gold per tola had already increased by Rs. 1,900 to settle at Rs. 442,800.
In the international market, gold prices also posted significant gains. The global rate climbed to $4,358 per ounce (including a $20 premium), up $141 for the day, as reported by APGJSA. Spot gold rose 0.9% to $4,362.39 per ounce as of 0439 GMT, after touching a record $4,378.69 earlier in the session. US gold futures for December delivery advanced 1.7% to $4,375.50.
Silver prices in Pakistan followed suit, hitting a new record as per tola rates rose by Rs. 167 to Rs. 5,504.
Globally, gold is on track for its best week in over 17 years, fueled by concerns over US regional banks, rising trade tensions, and expectations of further interest rate cuts. Bullion has gained about 8.6% this week, marking its strongest weekly performance since September 2008 and setting new records in each trading session.
