Gold prices surged to historic highs both globally and in Pakistan on Monday, driven by rising economic uncertainty, sustained central bank gold purchases, and fears of deepening stagflation.
In the international bullion market, the price of gold per ounce jumped by $69, reaching a record $3,395, as geopolitical and financial instability prompted investors and institutions to seek safety in precious metals.
According to local dealers, the impact of the global surge was immediately felt in Pakistan’s bullion markets.
The price of 24-karat gold per tola in the local market rose sharply by Rs 8,100, reaching a new all-time high of Rs 357,800. Similarly, 10 grams of 24-karat gold saw an increase of Rs 6,944, climbing to Rs 306,755.
Additionally, silver prices also moved upward. Per tola silver increased by Rs 24 to reach Rs 3,441, while 10 grams of silver rose by Rs 21, now priced at Rs 2,950.
Meanwhile, spot gold was up 1.7% at $3,385.28 an ounce at 0815 GMT. Bullion rose 2% earlier in the session to a record high of $3,395.95.
US gold futures rose 2.1% to $3,396.60.
US President Donald Trump’s broad tariffs and the uncertainty surrounding his trade policies have roiled global markets and clouded the economic outlook for the world’s largest economy, prompting investors to withdraw from US assets.
Meanwhile, China warned countries against striking a broader economic deal with the US at its expense.
Spot silver added 0.5% to $32.74 an ounce, platinum gained 0.4% to $971.10, while palladium fell 0.3% to $958.93.
