KARACHI: Gold and silver soared to fresh historic highs on Monday, setting new benchmarks in both local and international markets as investors flocked to the precious metals, traders said.
According to the All Pakistan Sarrafa Gems and Jewellers Association, the price of 24-karat gold rose by Rs5900 per tola, reaching an unprecedented Rs403,600. The 10-gram price increased by Rs5058 to Rs346,021, while the 22-karat rate stood at Rs317,197 per 10 grams after climbing Rs4637.
Silver also registered sharp gains, with the per tola price advancing by Rs88 to Rs4,792, while the 10-gram rate went up by Rs76 to Rs4,108.
In the international market, gold jumped by $59 to touch USD3818 per ounce, while silver rose by USD0.88 to trade at USD46.93 per ounce.
Muhammad Qasim Shikarpuri, President of the All Pakistan Sarrafa Gems and Jewellers Association, confirmed that the rates were based on interbank exchange calculations, using 24-karat purity standards.
The open market may trade gold and silver at different prices as compared to those fixed by the association officially.
At independence in 1947, gold was priced at just Rs57 per tola. Over the next decade it rose gradually, hitting Rs87 in 1952 and Rs133 in 1959, while still affordable for many households. During the 60s, gold remained relatively stable but inched higher, starting at Rs131 per tola in 1960 and ending the decade at Rs176 in 1969.
The 70s saw explosive growth. Gold moved from Rs154 in 1970 to Rs246 in 1972, then Rs432 in 1973, and by 1979 it reached Rs1230 per tola. In 1980, gold surged to Rs2250 per tola, dipped to Rs1636 in 1982, but later recovered, reaching Rs3300 by 1987 and Rs3275 by 1989.
Copyright Business Recorder, 2025
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