Gold smashes historic barrier, crosses Rs500,000 mark

WEB DESK: Gold prices in Pakistan surged to an all-time high on Wednesday, crossing the Rs500,000-per-tola mark for the first time as international bullion markets posted sharp gains.

In the domestic market, the price of gold jumped by Rs12,700 in a single day, taking the per-tola rate to Rs506,362, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price of 10 grams of gold also climbed significantly, rising by Rs10,888 to settle at Rs434,123.

The latest spike follows an already strong rally a day earlier, when gold had closed at Rs493,662 per tola after gaining Rs4,300, highlighting continued volatility and strong investor demand.

Global bullion prices also recorded a major upswing, with gold rising by $127 to trade at $4,840 per ounce, inclusive of a $20 premium. Analysts attribute the surge to heightened global uncertainty and increased demand for safe-haven assets.

Silver prices followed a similar upward trend, increasing by Rs64 to reach Rs9,933 per tola in the local market.

Market observers say the sustained rise reflects both international price momentum and domestic currency pressures, with investors increasingly turning to precious metals to hedge against economic instability.