Gold prices soared to new all-time highs on Monday in both global and local markets, fuelled by a sharp rally in international bullion rates.
Gold surged $61 per ounce on the international market, reaching a record high of $3,613. After briefly reaching a record $3,616.64 earlier in the day, spot gold was trading at $3,612.20 per ounce at 0841 GMT.
The surge spilled over into Pakistan’s domestic market. In Karachi’s Sarafa Bazaar, the price of 24-carat gold shot up by Rs6,100 per tola, reaching an unprecedented Rs384,000.
The rate for 10 grams climbed by Rs5,230 to Rs329,219.So far this year, bullion has surged 37 percent building on a 27 percent rise in 2024.
Analysts attribute the rally to a weaker dollar, aggressive central bank buying, supportive monetary policies, and persistent global uncertainty.
Other precious metals also saw slight increases: palladium rose 1.3 percent to $1,124.24, platinum rose 1.6 percent to $1,394.90, and silver rose 0.3 percent to $41.08 an ounce.