- The price of gold rises sharply by Rs12,700 per tola.
- The price of 10 grams of gold increases by Rs 10,888.
- Gold price of $4,888.41 an ounce in the international market.
Gold prices in Pakistan rose to unprecedented levels on Wednesday, with the precious metal crossing the Rs500,000 mark per tola for the first time in the country’s history, reflecting growing uncertainty in global financial markets.
According to market data, the gold price rose sharply by Rs12,700, taking it to Rs506,362 per tola.
Similarly, the price of 10 grams of gold rose by Rs10,888 to settle at Rs444,123.
The sharp rise in domestic prices came in line with trends in global markets, with precious metals hitting fresh highs as investors sought safety. Gold hit another all-time high, peaking at $4,888.41 per ounce. ounce in international trade, while silver reached $95.89 per ounce, underscoring strong demand for safe-haven precious metals.
Stocks were mixed on Wednesday after a rough start to the week, driven by Donald Trump’s Greenland-related tariff threats, while uncertainty rattling through trading floors saw safe-haven precious metals hit new record highs.
Markets have slumped globally this week, with Wall Street’s three main indexes falling on Tuesday as they reopened after a long weekend.
Concerns that the Greenland crisis could grow meant that precious metals, which are a good idea in times of turmoil, continue to reach new highs. Gold topped out at $4,888.41 an ounce and silver hit $95.89, highlighting strong investor demand for assets seen as protections during periods of volatility.
The report added 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 input from AFP
