Gold hits $5,097 an ounce as bullion markets surge

Gold and silver prices hit record highs in both international and local markets on Monday.

In the international bullion market, the price of gold per ounce surged by $109 to $5,097.

In local markets, the price of gold per tola rose by Rs10,900 to Rs532,062, while gold per 10 grams increased by Rs9,345 to Rs456,157.

Silver prices also climbed sharply, with silver per tola gaining Rs537 to Rs11,428, and per 10 grams rising by Rs537 to Rs9,797.

Spot gold was up 2.2% at $5,089.78 per ounce by 0656 GMT, after earlier touching an all-time high of $5,110.50. US gold futures for February delivery also gained the same amount to $5,086.30 per ounce.

Spot silver advanced 4.8% to $107.903, after hitting a record of $109.44. Spot platinum climbed 3.4% to $2,861.91 per ounce, after hitting a record high of $2,891.6 earlier in the session, while spot palladium was 2.5% higher at $2,060.70, having touched a more than three-year high.

Read: Gold, silver hit record

Earlier on Saturday, in the local market, the price of gold per tola rose by Rs6,500 to reach Rs521,162, while 10-gram gold increased by Rs5,573 to settle at Rs446,812, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The latest surge follows Friday's sharp rally, when gold per tola climbed Rs9,100 to close at Rs514,662.

Silver also registered a historic breakout. In Pakistan, silver prices surged by Rs526 to Rs10,801 per tola, marking a new all-time high. Internationally, silver vaulted above $100 per ounce on Friday, extending a powerful rally that began in 2025 and has continued in the new year, supported by tight physical market conditions and momentum-driven buying.

According to Reuters, silver's rally above $100 is driven by strong retail investor activity, momentum trading, and tightness in physical supply. Technical analysts, however, warn that the rapid gains could trigger a sharp correction.

Regional markets are also seeing some strain. In India, gold premiums jumped to their highest in over a decade, reaching $112 per ounce above official prices ahead of a potential import duty hike.

Local prices hit 159,226 rupees per 10 grams despite weak jewellery demand. In China, gold traded at an $8 premium above spot as global prices neared $4,967 per ounce.