Gold prices hit fresh record highs in Pakistan

KARACHI: Gold prices in Pakistan rose again on Tuesday after a one-day decline, reaching their highest level on record.

According to the All Pakistan Sarafa Gems and Jewellers’ Association, the price of gold increased by Rs9,100 per tola, taking it to Rs514,662 per tola. The price of 10 grams of gold also rose by Rs7,802 to Rs441,239.

In the international bullion market, gold prices jumped sharply, with spot gold rising by 91 dollars to a new record high of 4,923 dollars per ounce.

Gold is widely regarded as a safe-haven asset, with prices typically holding firm or rising during periods of financial stress or economic uncertainty.

The latest surge marks the fastest increase in gold prices since the 1970s, with prices up more than 50 per cent since April last year.

Gregor Gregersen, founder of Silver Bullion, a precious metals dealer and storage provider, said demand for gold had risen sharply amid global economic uncertainty.

“Our customer base has more than doubled over the past year,” Gregersen said, adding that investors, banks and wealthy families were increasingly turning to gold as a secure investment.

Gregersen said most of the company’s clients held gold for the long term, with a majority storing it for more than four years.

“At some point, there will be a correction in gold prices,” he said. “However, given the current economic landscape, I expect the upward trend in gold prices to continue for at least the next five years.”