KARACHI: Gold prices have recorded the biggest and most significant surge in history, both globally and locally, pushing the precious metal to new record highs in the international and domestic markets.
In the international bullion market, the price of gold per ounce soared by an unprecedented 141 US dollars on Friday, reaching a historic peak of 4,358 dollars per ounce.
This sharp increase in the global market had an immediate impact on the local jewelry markets across Pakistan. The price of 24-karat gold rose by Rs. 14,100 per tola, bringing the new price to Rs. 456,900 per tola, the highest level ever recorded.
Similarly, the price of 10 grams of gold jumped by Rs. 12,089, pushing the new price to Rs. 391,718 per 10 grams, also marking a record high.
The price of silver per tola increased by Rs. 167 to Rs. 5,504, while the price of 10 grams of silver rose by Rs. 143, reaching Rs. 4,718.
Market analysts attribute this surge to global forecasts suggesting gold may reach 5,000 dollars per ounce by 2026, increasing demand from central banks in China, Brazil, India, Saudi Arabia, and Dubai, and growing gold coin purchases in the US, Russia, and Germany. These factors have strengthened gold’s position as a safe and reliable investment asset, driving prices to historic highs both internationally and locally.
