Gold prices soared to unprecedented levels in both global and Pakistani markets. Internationally, spot gold rose 1.3% to $4,034.59 per ounce by 09:31 GMT, with a daily jump of $84 to a record $4,039, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). US gold futures for December delivery climbed 1.3% to $4,056.80.
In Pakistan, the price of gold per tola surged by Rs8,400, reaching an all-time high of Rs425,178. Similarly, 10 grams of gold rose by Rs 7,202 to Rs 364,521, according to APGJSA data. This aligns with global trends driven by economic uncertainties.
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Silver joined the upward trend, gaining 2.2% to $48.85 per ounce, nearing its record high of $49.51. The precious metals market reflects investor caution amid global economic challenges, including a US government shutdown and expected Federal Reserve rate cuts.
The surge in gold prices signals a flight to safe-haven assets. In Pakistan, rising costs could impact jewellery demand and inflation. Globally, the rally highlights economic volatility, which affects investors and markets. For updates, follow Business Recorder, Reuters, and Bloomberg.
