- Gold price rises sharply by Rs 12,700 per tola.
- The price of 10 grams of gold increases by Rs 10,888.
- Gold price at $4,888.41 per ounce in the international market.
The price of gold in Pakistan rose 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 Rs 10,888 to settle at Rs 444,123.
The sharp rise in domestic prices was in line with trends in global markets, where precious metals hit new highs as investors sought safety. Gold hit another all-time high, hitting a high of $4,888.41 an ounce in international trade, while silver hit $95.89 an ounce, underscoring strong demand for safe-haven precious metals.
Stocks were mixed on Wednesday after a difficult start to the week driven by Donald Trump’s tariff threats linked to Greenland, while uncertainty rocking stocks sent safe-haven precious metals to new record highs.
Markets have plunged globally this week, with all three major Wall Street indexes plunging on Tuesday as they reopened after a long weekend.
Concerns that the Greenland crisis could grow meant precious metals, an essential resource in times of turmoil, continued to reach new highs. Gold hit a high of $4,888.41 an ounce and silver hit $95.89, highlighting strong investor demand for assets seen as protection during periods of instability.
The report adds that eyes are now on Trump’s visit to the World Economic Forum in Davos later in the day, with traders closely monitoring developments as uncertainty continues to weigh on global markets.
— Additional information from AFP
