Gold prices surge sharply in Pakistan

Karachi: Gold prices recorded a significant increase in Pakistan on the fifth working day of the business week, driven by a sharp rally in the international market.

According to the All-Pakistan Sarafa Gems and Jewellers Association, the price of gold rose by Rs5,700 per tola, taking the rate to Rs460,262. Similarly, the price of 10 grams of gold increased by Rs4,887 and was traded at Rs394,600.

Sources in the association said the surge followed a strong upward trend in global gold prices. In the international market, gold hovered close to the $4,500-per-ounce level amid expectations of easier US monetary policy and persistent geopolitical tensions.

Spot gold touched a fresh all-time high of $4,497.55 during intraday trading, keeping prices near record levels.

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The precious metal has surged more than 70% so far this year — its biggest annual rise since 1979 — supported by safe-haven demand, expectations of US interest rate cuts, continued central bank buying, de-dollarisation trends, and strong inflows into gold-backed exchange-traded funds.