KARACHI: Gold prices in Pakistan surged on Friday, tracking a massive rally in the international bullion market, according to local market dealers.
In the international market, spot gold jumped by $122 per ounce to reach an unprecedented level of $4,185.
The global rally triggered a corresponding spike in Pakistan’s domestic bullion markets.
The price of 24-karat gold per tola (11.66 grams) increased by Rs12,200 to settle at Rs440,936 in Karachi and other major cities.
Similarly, the price of 10-gram gold witnessed an increase of Rs10,459, bringing it to Rs378,031.
Market analysts attribute the relentless rise in gold prices to heightened global economic uncertainty and institutional buying, which has pushed international rates to historic peaks.
Silver prices also recorded substantial gains in tandem with gold.
The price of silver per tola rose by Rs319 to reach Rs6,764, while the price of 10-gram silver increased by Rs274 to settle at Rs5,799.
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