Gold hits fresh high in Pakistan as global bullion prices surge

KARACHI: Gold prices in Pakistan surged by nearly 2.5 per cent on Monday, tracking an aggressive rally in international bullion markets driven by shifting global dynamics following the announcement about a US-Iran peace accord.

In the local market, the price of 24-karat gold jumped by Rs10,800 ($39) per tola (11.66 grams) to hit a record high of Rs455,136 on the opening day of the business week.

The price of 10 grams of gold similarly rose by Rs9,720 to settle at Rs389,600.

Local silver prices also reflected the upward trend, with per-tola silver climbing Rs230 to Rs7,509 and 10-gram silver increasing by 197 rupees to reach 6,396 rupees.

In the international bullion market, spot gold extended its gains for a third consecutive session, skyrocketing by $108 per ounce to trade at an unprecedented $4,327.

International silver prices also gained ground, rising by $2.30 to trade at $70.30 per ounce, reinforcing the broader bullish momentum across global commodity exchanges.

Traders said the domestic surge was a direct reaction to a dramatic upswing in global precious metals, which have found fresh momentum after a US-Iran peace agreement and the subsequent lifting of a US naval blockade triggered a 4 per cent collapse in global crude oil prices.

Investors frequently pivot to precious metals as a safe-haven asset class amid broader shifts in energy and commodity markets.