Gold prices in Pakistan experienced a sharp increase of nearly 2.5 percent on Monday, reflecting a strong upward trend in international bullion markets. This surge followed significant global developments, including the announcement of a US-Iran peace agreement.
On the first trading day of the week, the price of 24-karat gold rose by Rs10,800 (approximately $39) per tola, reaching an all-time high of Rs455,136. Similarly, the cost of 10 grams of gold climbed by Rs9,720, settling at Rs389,600.
Silver prices in the local market also mirrored this upward movement. The price per tola of silver increased by Rs230 to Rs7,509, while 10-gram silver rose by Rs197, reaching Rs6,396.
Internationally, spot gold extended its rally for the third straight session, soaring by $108 per ounce to an unprecedented $4,327. Silver prices on global exchanges also advanced, gaining $2.30 to trade at $70.30 per ounce, underscoring the widespread bullish sentiment across precious metals markets.
Market participants attributed the domestic price surge to the dramatic rise in global precious metal values, which gained momentum after the US-Iran peace accord. This agreement led to the lifting of a US naval blockade and triggered a 4 percent drop in global crude oil prices.
Investors often turn to precious metals as a safe haven during periods of volatility in energy and commodity markets, reinforcing the current bullish trend in gold and silver prices.
