KARACHI - Gold prices have seen a dramatic surge in both global and local markets, reaching new all-time highs on Friday.
The price of gold in the international bullion market rose sharply by $141 per ounce, reaching a peak of $4,358 per ounce.
This global price increase was mirrored in local markets, where the price of 24-Karat gold per tola jumped by Rs14,100, reaching Rs456,900 per tola.
Similarly, the price of gold per 10 grams rose by Rs12,089, reaching a record Rs391,718 per 10 grams.
In addition to gold, silver also saw significant gains. The price of silver per tola moved up by Rs167, reaching Rs5,504, while the price per 10 grams increased by Rs143, reaching Rs4,718.
Analysts predict that by 2026, the price of gold per ounce could rise to $5,000 due to increased demand from central banks in countries like China, Brazil, India, Saudi Arabia, and Dubai.
The ongoing buying activity of gold coins in the US, Russia, and Germany has also contributed to gold's growing reputation as a reliable and safe investment, leading to unprecedented price levels globally and locally.