This remarkable upswing in international valuations had an immediate and profound impact on local gold rates.
Locally, the price of gold per tola jumped by a hefty PKR 13,300, bringing it to a soaring PKR 563,862. Likewise, the price of ten grams of gold also leapt by PKR 11,402, settling at PKR 483,420 a gain that reflects extraordinary momentum in the market.
For context, on Saturday the precious metal had already soared by PKR 10,000 per tola, lifting the rate to PKR 550,562. The latest surge has further underscored the frenzied pace of price escalation.
Silver, too, felt the ripple effect: its price climbed by PKR 188 per tola, pushing it up to PKR 10,050.
Analysts point to mounting geopolitical anxieties as a key driver of the sharp pivot in gold pricing. Heightened tensions following significant military actions by the United States and Israel against Iran compounded by reports of the death of Iran’s Supreme Leader Ayatollah Ali Khamenei sent shockwaves through global markets, prompting investors to seek refuge in gold.
The spot price of gold closed at USD 5,349.44 per ounce, marking a 1.37% gain and touching its highest point in over four weeks. At one point during trading, prices spiked nearly 2%, reflecting deep-rooted unease in financial markets as investors recalibrated their portfolios in response to geopolitical uncertainty.
Gold, traditionally a safe-haven asset, is again capturing the spotlight, its allure strengthened further in an atmosphere of unsettled global affairs and mounting economic unpredictability.
