KARACHI: Gold prices in Pakistan surged to a new record high on Thursday as escalating global tensions pushed investors toward safe-haven assets.
According to the Sarafa Association, the price of one tola of gold jumped by Rs21,200, reaching a fresh peak of Rs572,862. The 10-gram gold rate also rose by Rs18,175, bringing it to an all-time high of Rs491,136.
This sharp rise in the local market mirrors the international trend, where gold per ounce climbed $212 to $5,504. A day earlier, gold in Pakistan had crossed Rs550,000 per tola for the first time, settling at Rs551,662, while 10-gram gold reached Rs472,961 after a Rs18,090 increase.
Silver prices also rose, with the per tola rate hitting Rs12,175 following a Rs264 increase, and 10-gram silver rising by Rs227 to Rs10,438.
Meanwhile, the Pakistan Stock Exchange (PSX) experienced a sharp decline, as the KSE-100 index fell by 6,419 points to 181,961 amid rising tensions between the US and Iran. Investors opted for profit-taking due to regional uncertainties.
The recent spike in Middle East tensions follows the entry of the US aircraft carrier strike group led by USS Abraham Lincoln into the region’s maritime boundaries.