Gold Prices Surge in Pakistan Amid Geopolitical Tensions

Gold prices in Pakistan surged to a new peak on Tuesday, driven by its status as a safe-haven asset amidst escalating geopolitical tensions. The price of gold per tola reached an all-time high of Rs249,700, marking a significant single-day increase of Rs2,400. Similarly, the 10-gram gold price rose to Rs214,077 after a gain of Rs2,057, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Monday also witnessed a notable rise in gold prices in Pakistan, with a per tola increase of Rs800. This surge in local gold rates mirrors the global trend, where gold prices edged higher on Tuesday, remaining close to the record high set the previous week. The international gold price was fixed at $2,391 per ounce, with an additional premium of $20, following a $20 increase in the global market, according to APGJSA.

It is worth noting that the previous peak for gold prices in Pakistan was recorded on April 9, when the price per tola hit Rs247,600 amidst a substantial surge in the international rate. The ongoing geopolitical uncertainties, particularly tensions between Iran and Israel, have bolstered the demand for gold as a safe-haven investment, driving its prices to new heights.