Global gold prices shoot up, Pakistan set for local price hike

KARACHI: Gold prices continued their upward trajectory today, with global bullion markets recording a sharp increase of $107 per ounce, pushing the price past the $5,200 mark. This follows yesterday’s gain of $30 per ounce, when gold was trading at $5,138.

The surge in international gold prices is expected to translate into higher local rates in Pakistan. Yesterday, the price of 24-carat gold per tola stood at Rs 534,562, reflecting gains driven by rising global demand and market volatility. Analysts anticipate another round of increases in domestic gold rates today.

On the local market on Monday, gold prices had climbed significantly, with 24-carat gold per tola rising by Rs 7,100 to Rs 533,562 and 10 grams reaching Rs 457,443, up Rs 6,087. Silver also saw gains, with prices per tola increasing by Rs 374 to Rs 8,948, and 10 grams rising to Rs 7,671.

Global market analysts attribute the renewed surge to persistent economic uncertainty, sustained demand in both investment and jewelry sectors, and market reactions to fluctuating geopolitical developments. Earlier in the week, gold had seen a sharp decline amid signs of easing tensions in US-Iran diplomatic talks and a stronger US dollar, with spot gold falling more than 2 per cent below key psychological levels.

“The market is responding to both global economic concerns and renewed investor interest in gold as a safe-haven asset,” said a commodities analyst. “With current momentum, we can expect local prices in Pakistan to continue climbing in line with global benchmarks.”