Gold extends record streak in Pakistan as prices climb further 

KARACHI: Gold prices in Pakistan soared to yet another all-time high on Monday, continuing their record-breaking streak as investors turned to the precious metal amid global uncertainty and rising geopolitical tensions. 

In the local market, the price of gold per tola rose by Rs5,500 to reach Rs428,200, marking a new peak in the country’s history, according to data shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The rate for 10-gram gold stood at Rs367,112, up by Rs4,715 during the day. 

On Saturday, gold had already climbed by Rs2,100 to close at Rs422,700 per tola, showing that record highs have now become a familiar headline in Pakistan’s bullion market. 

Meanwhile, the international market also witnessed a surge, with gold trading at $4,071 per ounce (including a $20 premium), up by $55 from the previous session. Spot gold rose 0.7 percent to $4,044.29 per ounce by 0253 GMT after touching a record $4,059.30 earlier in the session. US gold futures for December delivery gained 1.6 percent to reach $4,062.50. 

Silver prices followed suit, hitting a new high in Pakistan. The price per tola increased by Rs147 to settle at Rs5,247, also a record. 

Safe-haven demand drives surge 

Analysts attribute the sharp rise to renewed US-China trade tensions and expectations that the US Federal Reserve could start cutting interest rates. These developments have boosted the appeal of safe-haven assets such as gold and silver, pushing prices to historic levels globally. 

The trend has been particularly noticeable in Pakistan, where nearly every other trading session this month has seen gold touch a fresh high. 

Gold’s October performance so far 

Gold has been on a steady upward climb throughout October. It began the month at Rs410,278 per tola and, after several ups and downs, has now surged past Rs428,000. The most significant jump came on October 8, when the price shot up by Rs8,400 in a single day. 

Although the market has seen brief pauses and minor corrections, the overall trend remains bullish. With rising global tensions and a weakening dollar, traders expect the rally to continue in the near term. 

For many in Pakistan, these soaring prices have made gold an increasingly distant dream, yet for investors, it remains a symbol of security in uncertain times. 

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