Gold prices in Pakistan hit a historic peak on Wednesday as the rate crossed the half-million-rupee mark per tola, according to the report.
Following a sharp $127 jump in global gold prices that pushed the international rate to $4,840 per ounce, the price of 24-karat gold in local markets surged to Rs506,362 per tola, reflecting a massive one-day increase of Rs12,700.
The price of 10 grams of gold climbed to Rs434,123 after rising by Rs10,888, while 10 grams of 22-karat gold increased by Rs9,981 to reach Rs397,960.
Silver also moved higher, with 24-karat silver per tola gaining Rs64 to stand at Rs9,933. The price of 10 grams of silver rose by Rs54 to Rs8,515.
In the international market, gold advanced by $127 to touch $4,840 per ounce, setting a new record. Silver rose by $0.64 to $94.58 per ounce, the association said.
Global gold prices surged to fresh highs as investors turned to safe assets amid growing political and economic uncertainty. The metal moved above $4,800 per ounce for the first time in history, supported by strong demand for safe havens and a weaker US dollar.
Spot gold gained 1.2 percent to $4,821 per ounce during the session and briefly touched an intraday record of $4,843. US gold futures for February delivery also rose by 1 percent to trade near $4,813 per ounce.
Market observers attribute the rally to rising geopolitical tensions and investor unease. Remarks by US President Donald Trump on possible tariffs against European countries, comments about asserting control over Greenland, and criticism of NATO allies unsettled financial markets.
Trump said there was “no way back” on the Greenland issue and did not rule out the use of force, which heightened risk aversion.
Analysts say investors are cutting exposure to the US dollar and long-term bonds while increasing holdings in gold. The dollar hovered near a three-week low against the euro and Swiss franc. Asian stock markets fell for a third consecutive session, reflecting cautious sentiment.
On Tuesday, gold prices in Pakistan had already jumped, with the per-tola rate reaching Rs493,662 after a rise of Rs4,300. At the same time, 10-gram gold was sold at Rs423,235, up Rs3,686, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association.