At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
KARACHI:
Gold prices in Pakistan climbed to a fresh record for the second consecutive day on Tuesday, tracking a strong rally in global bullion markets as softer US inflation data reinforced expectations of Federal Reserve rate cuts this year, while persistent geopolitical and economic uncertainty boosted safe-haven demand.
Silver also touched a new peak alongside gold, reflecting broad-based strength across precious metals. In the local market, the price of gold per tola rose by Rs900 to reach an all-time high of Rs481,862, according to the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10-gram gold increased by Rs771 to Rs413,118.
Silver also extended gains, rising by Rs180 to Rs9,075 per tola in the domestic market. The sustained rise in local prices mirrors developments in international commodity markets, where precious metals have been trading at historic levels amid strong inflows from investors seeking protection against financial and geopolitical risks.
Internationally, gold was trading around $4,617.73 per ounce on Tuesday, posting a daily increase of about 0.41%. Silver surged to $88.15 per ounce, up 3.51% on the day, while platinum stood near $2,398.10 per ounce and copper hovered around $6 per pound. Analysts note that the rally reflects both monetary policy expectations and a growing risk premium across global markets.
Interactive Commodities Director Adnan Agar said gold prices have reached historic highs alongside sharp gains in silver and platinum, while copper has also strengthened. He attributed the surge to extreme geopolitical uncertainty, citing recent US military action in Venezuela, an ongoing criminal investigation involving the Fed chairman that has raised concerns over central bank independence, and widespread protests in Iran.
According to him, these developments have intensified global market instability, driving investors towards precious metals as safe-haven assets.
