- Gold price rises sharply by Rs 12,700 per tola.
- The price of 10 grams of gold increases by Rs10,888.
- Gold price at $4,888.41 per ounce in the international market.
Gold prices in Pakistan surged to unprecedented levels on Wednesday, with the precious metal crossing the Rs 500,000 per tola mark for the first time in the country’s history, reflecting growing uncertainty in global financial markets.
According to market data, the price of gold rose sharply by Rs 12,700, taking it to Rs 506,362 per tola.
Similarly, the price of 10 grams of gold increased by Rs10,888 to Rs444,123.
The sharp rise in domestic prices is in line with trends in global markets, where precious metals hit new highs as investors sought safety. Gold hit a new record high, reaching $4,888.41 per ounce in international trade, while silver touched $95.89 per ounce, highlighting strong demand for the safe-haven precious metals.
Stocks were mixed on Wednesday after a difficult start to the week fueled by Donald Trump’s Greenland-related tariff threats, while uncertainty on trading floors saw safe-haven precious metals hit new records.
Markets have fallen globally this week and all three major Wall Street indexes fell Tuesday as they reopened after a long weekend.
Fears of a possible worsening of the crisis in Greenland have pushed precious metals, essential in times of unrest, to continue to reach new heights. Gold peaked at $4,888.41 an ounce and silver at $95.89, underscoring strong investor demand for assets seen as a hedge during periods of instability.
The report added that eyes are now on Trump’s visit to the World Economic Forum in Davos later today, with traders closely monitoring developments as uncertainty continues to weigh on global markets.
— Additional contribution from AFP
