Gold, silver extend rally to reach all-time highs

Gold and silver prices climbed to record levels in both international and local markets on Monday, driven by a strong rally in the global bullion market.

In the international bullion market, the price of gold rose by $77 per ounce to reach a new all-time high of $4,586.

The surge was reflected in domestic markets, where the price of 24-carat gold increased by Rs7,700 per tola to Rs480,962. The price of gold per 10 grams also rose sharply by Rs6,602 to Rs412,347.

Silver prices followed a similar upward trend. In the local market, the price of silver per tola climbed by Rs430 to a new record of Rs8,895, while the price per 10 grams increased by Rs369 to Rs7,626.

Spot gold jumped 1.7% to $4,584.74 per ounce by 0752 GMT. Bullion hit a record high of $4,600.33 earlier in the day.

US gold futures for February delivery added 2.1% to $4,595.30.

Spot silver rose 5.1% to $84.06 per ounce after hitting an all-time high of $84.60 earlier in the day.

Spot platinum climbed 3.3% to $2,348.74 per ounce after scaling a record high of $2,478.50 on December 29.

Palladium gained 2.7% to $1,864.19 per ounce.

Read: Gold, silver prices rise for second straight day

Earlier on Saturday, gold and silver prices extended gains across international and domestic markets.

In the international bullion market, the price of gold rose by $37 per ounce to $4,509, triggering a corresponding increase in local bullion rates.

In Pakistan’s domestic market, the price of 24-carat gold climbed by Rs3,700 per tola to Rs472,262, while the price of 10 grams increased by Rs3,172 to Rs405,745.

Silver prices also moved higher, with the per-tola rate rising by Rs270 to Rs8,465 and the price of 10 grams increasing by Rs232 to Rs7,257.