Gold prices hit historic high for second consecutive day

Gold and silver prices continued their sharp rise in both international and domestic markets on Thursday, reaching historic highs for the second consecutive day.

According to local bullion market sources, the international gold price increased by $212 per ounce to $5,504, setting a new record.

The surge was reflected in domestic markets, where the price of gold per tola rose by Rs21,200 to Rs572,862, marking the highest level in the country’s history. The price of 10 grams of gold increased by Rs18,175 to Rs491,136.

Silver prices also recorded gains, with the price per tola rising by Rs264 to Rs12,175, and the price per 10 grams increasing by Rs227 to Rs10,438.

Read: Gold crosses Rs551,500/tola on economic, geopolitical uncertainty

Earlier on Wednesday, gold prices in Pakistan surged to an all-time high, crossing Rs551,500 per tola, following a sharp rally in global bullion markets where gold topped $5,300 per ounce for the first time. The surge was driven by economic uncertainty, a weakening US dollar, and investor concerns over the independence of the Federal Reserve ahead of its policy announcement.

In the local market, gold per tola jumped Rs21,100 to Rs551,662, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Likewise, 10-gram gold rose by Rs18,090 to Rs472,961. The rally came after Tuesday's session, when gold per tola had declined by Rs1,500 to Rs530,562.

Silver also touched a new record, with prices per tola rising Rs271 to Rs11,911, marking an all-time high in the domestic market.

Internationally, gold hit a record $5,311.31 per ounce, with spot prices trading 1.7% higher at $5,278.28 per ounce by 1605 GMT, after gains of more than 3% in the previous session, according to Reuters. Investors flocked to safe-haven assets amid mounting macroeconomic and geopolitical risks.