Gold prices in Pakistan surge by Rs14,100 per tola, hit new record high amid global rally

Gold prices in Pakistan increased massively on Friday in line with their gain in the international market. In the local market, gold price per tola reached Rs456,900, a new all-time high, after an increase of Rs14,100 during the day.

As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs391,718 after it accumulated Rs12,089.

On Thursday, gold price per tola increased by Rs1,900 to settle at Rs442,800.

The international rate of gold also saw an increase today. The rate was at $4,358 per ounce (with a premium of $20), a gain of $141, as per APGJSA.

Meanwhile, silver price per tola also gained Rs167 to settle at Rs5,504, another all-time high.

Globally, gold notched a new high above $4,300 an ounce on Friday and was poised for its best week in over 17 years, as signs of weakness in US regional banks, global trade frictions, and further rate-cut hopes pushed investors to the safe-haven metal.

Spot gold rose 0.9% to $4,362.39 per ounce, as of 0439 GMT, after scaling another record high of $4,378.69 earlier.

US gold futures for December delivery jumped 1.7% to $4,375.50.

Bullion has risen about 8.6% this week and is headed for its best week since September 2008, notching a record high in each session.