Global gold prices hit record highs, ripple across local markets

KARACHI: Global gold prices surged to an all-time high, setting a new record in international markets amid strong investor demand and economic uncertainty.

The price of gold climbed sharply to $5,097 per ounce, marking a significant $109 increase in a single day. Analysts say the rally reflects growing interest in safe-haven assets as concerns persist over inflation, interest rates, and global economic stability.

Adding to the bullish outlook, leading global financial institution Goldman Sachs has projected that gold prices could rise even further, potentially exceeding $5,400 per ounce in the near future if current market conditions continue.

The surge in global prices has had a direct impact on local markets as well. In Pakistan, gold prices reached the highest level in the country’s history. The price of gold jumped by Rs 10,900 per tola, pushing it to a record Rs 532,062 per tola.

Silver prices in Pakistan also followed the upward trend, breaking previous records. The price of silver rose to a historic high of Rs 11,428 per tola, reflecting strong demand and the broader momentum in precious metals.

Market experts note that continued volatility in global financial markets could keep precious metal prices elevated in the coming weeks.