In a historic surge, the prices of gold and silver skyrocketed to unprecedented levels in both international and Pakistani markets on Monday. This remarkable rally was fueled by a powerful upward trend in the global bullion market, setting new benchmarks for investors and consumers alike.
Historic Surge in Precious Metals
The international bullion market witnessed a dramatic climb, with the price of gold soaring by a substantial $77 per ounce to establish a new all-time peak of $4,586. This global momentum was instantly mirrored in Pakistan's domestic markets. The price of 24-carat gold per tola escalated sharply by Rs7,700, reaching a staggering Rs480,962. Similarly, the rate for 10 grams of gold increased by Rs6,602, settling at Rs412,347.
Silver Follows the Golden Trend
Silver was not left behind in this precious metals boom. In the local market, the price of silver per tola advanced by Rs430 to achieve a new record of Rs8,895. Correspondingly, the price per 10 grams rose by Rs369 to Rs7,626. This parallel ascent highlights a broad-based rally across the sector.
Detailed International Market Movements
The trading day saw intense activity on the global stage. Spot gold jumped 1.7% to $4,584.74 per ounce, after earlier hitting a record high of $4,600.33. US gold futures for February delivery gained 2.1% to $4,595.30. Silver's performance was even more striking, with spot prices rising 5.1% to $84.06 per ounce, following an all-time high of $84.60 earlier in the session.
Other precious metals also participated in the rally:
- 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.
Continuing the Upward Momentum
This record-breaking Monday followed a weekend of gains. On Saturday, gold and silver prices had already extended their rise. Internationally, gold rose by $37 per ounce to $4,509, which triggered increases in local Pakistani rates. Domestically, the price of 24-carat gold per tola had climbed by Rs3,700 to Rs472,262, while 10 grams increased by Rs3,172 to Rs405,745. Silver prices also moved higher on Saturday, with the per-tola rate rising by Rs270 to Rs8,465 and the price of 10 grams increasing by Rs232 to Rs7,257.
The consecutive days of significant gains indicate a strong bullish sentiment in the precious metals market, affecting portfolios and jewelry purchases across Pakistan. Investors are closely monitoring these trends as prices reach historic territories.
