Gold prices hit all-time high in local, global markets

KARACHI: Gold prices in global and local markets surged to historic highs.

In the international bullion market, the price of gold per ounce increased by another 23 dollars, reaching a new peak of 4,533 dollars.

Following the rise in the global market, the price of gold per tola in the country also increased by Rs2,300, climbing to a new record level of Rs475,662.

Meanwhile, the price of 10 grams of gold rose by Rs1,972 to reach Rs407,803.

The price of silver per tola also increased by Rs462, hitting Rs8,407 — the highest level so far.

Market analysts said thin year-end trading volumes, combined with heightened speculation and expectations of further US interest rate cuts, have fueled the sharp rally across the precious metals sector.

According to Kelvin Wong, senior market analyst at Oanda, speculative investment has been a major driver of the rally since early December. He noted that a weakening US dollar, expectations of prolonged interest rate cuts, and escalating global geopolitical risks have created ideal conditions for precious metals to thrive.

“Gold and silver are benefiting from a perfect storm of macroeconomic factors,” Wong said, adding that prices could continue to climb in the coming months. He forecast that gold may reach $5,000 an ounce in the first half of 2026, while silver could move closer to the $90 mark.