Gold hits record highs in global, local markets

24-carat gold climbs second consecutive day

Gold prices soared to fresh record highs internationally and in Pakistan amid global economic uncertainty and rising demand  on Tuesday.

According to market reports, international bullion surged by another $51 to reach an unprecedented $3,770 per ounce.

In Pakistan, 24-carat gold climbed for a second consecutive day, rising Rs5,100 to an all-time high of Rs398,800 per tola, while the 10-gram rate increased Rs4,372 to Rs341,906.

Silver also followed the trend, with per-tola prices up Rs42 to Rs4,637 and 10-gram silver gaining Rs36 to Rs3,975.

Analysts attributed the rally to the US Federal Reserve’s interest-rate cuts, Washington’s tariff policy, and US Treasury measures to safeguard gold reserves, which have made the metal a preferred safe-haven investment.

They said a weaker dollar, central banks boosting gold holdings over foreign exchange, and surging demand in India ahead of the Diwali festival have all fuelled both global and domestic price spikes.

International demand for gold continues to rise in intervals, pushing prices steadily higher and directly reflecting in Pakistan’s jewellery markets.

Spot gold rose 1% to $3,784.01 per ounce, as of 1011 GMT, after hitting a fresh record high of $3,790.82, earlier in the session.

Spot silver rose 0.4% to $44.24 per ounce, hovering near a 14-year high. Platinum was up 1.5% at $1,437.56 and palladium rose 1.9% to $1,201.