KARACHI – Gold prices in Pakistan on Wednesday continued to break all previous records following upward trend in international market amid simmering tensions between the US and Nato over Greenland.
According to Sarafa association, the price of per tola gold has moved past the Rs500,000 mark for first time in history in Pakistan. The new rate settled at Rs506,362 after registering an increase of whooping Rs12,700.
Similarly, the price of 10-gram gold surged by Rs10,888, taking the new rate to all-time high of Rs434,123.
Gold prices soared to a historic high of over $4,800 per ounce, driven by investor demand for the precious metal as a safe haven.
This surge came after a significant decline in US assets, triggered by escalating tensions between the US and NATO over Greenland.
In global bullion market, the per ounce price of gold has climbed to $4,780 after witnessing an increase of $127.
Ali Raza, an economic expert based in Karachi, has linked the record surge in gold prices to global uncertainties. He explained that Pakistani investors are turning to gold as a safe-haven asset in response to looming financial challenges.
Silver Prices in Pakistan Hits Record High
In line with rising gold prices, silver continued its bullish momentum in Pakistan as per tola rate surged by Rs64 to reach fresh high of Rs9,933.
