KARACHI: Gold prices in Pakistan soared to another record on Friday, in line with the global surge that has pushed the precious metal to fresh highs worldwide.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs14,100 in a single day to settle at Rs456,900 — the highest ever level in the country. A day earlier, the rate had increased by Rs1,900 to Rs442,800.

Global surge drives local market

The sharp jump mirrors international bullion trends, where gold rallied by $141 to reach $4,358 per ounce (with a $20 premium), its strongest weekly performance in more than 17 years. Spot gold was last seen trading at $4,362.39 after hitting an all-time peak of $4,378.69, while US gold futures for December delivery gained 1.7 percent to $4,375.50.

Bullion has advanced nearly 8.6 percent this week, setting new records in each session. Analysts attribute the rally to fears over US regional banks, growing trade tensions, and rising expectations of global interest rate cuts — factors that have boosted safe-haven demand.

Silver also at record levels

In the local market, silver followed suit, climbing by Rs167 to reach Rs5,504 per tola — also an all-time high.

October trend

Since the start of October, gold prices in Pakistan have been on a relentless upward trajectory, hitting fresh records almost every other day as they shadow international movements amid global economic uncertainty.