ISLAMABAD, JAN 21: Gold price in Pakistan surged to unprecedented levels on Wednesday, with the precious metal crossing the Rs500,000 mark per tola for the first time in the country’s history, reflecting growing uncertainty in global financial markets.
According to market data, the price of gold rose sharply by Rs12,700, taking it to Rs506,362 per tola.
Similarly, the price of 10 grammes of gold increased by Rs10,888 to settle at Rs444,123.
The sharp rise in domestic prices came in line with trends in global markets, where precious metals hit fresh peaks as investors sought safety. Gold notched yet another record high, topping out at $4,888.41 an ounce in international trade, while silver touched $95.89 an ounce, underscoring strong demand for safe-haven precious metals.
Equities were mixed on Wednesday following a rough start to the week fuelled by Donald Trump’s Greenland-linked tariff threats, while the uncertainty rattling through trading floors saw safe-haven precious metals hit fresh record highs.
Markets have sunk globally this week, and Wall Street’s three main indexes tanked on Tuesday as they reopened after a long weekend.
Concerns that the Greenland crisis could grow saw precious metals, a go-to in times of turmoil, continue to hit new peaks. Gold topped out at $4,888.41 an ounce and silver touched $95.89, highlighting strong investor demand for assets viewed as protection during periods of instability.
The report added that eyes are now on Trump’s visit to the World Economic Forum in Davos later in the day, with traders closely monitoring developments as uncertainty continues to weigh on global markets.
