The gold price skyrocketed to unprecedented levels on Monday, driven by a sharp jump in international bullion rates and robust global demand. Investors rushed to the safe-haven metal as the U.S. dollar weakened, pushing prices to all-time highs in both international and local markets.
According to the All Pakistan Gems and Jewellers Association, international gold prices surged by $59, reaching a historic $3,818 per ounce. In Pakistan, the impact was immediate: the per tola rate jumped by Rs5,900, setting a new peak at Rs403,600, while the price for 10 grams of gold climbed by Rs5,058 to Rs346,021.
Traders linked this remarkable rally to rising global interest in gold as an inflation hedge and safe investment amid economic uncertainty. The weakening dollar further fueled buying activity, sending spot gold up 1.7% to $3,824.52 per ounce by 11:47 GMT, after briefly touching $3,829.13 earlier in the session.
Other precious metals also followed the upward trend. Spot silver gained 2.1% to $46.95 per ounce, marking a 14-year high. Platinum advanced 1.7% to $1,595.35, its strongest level in 12 years, while palladium edged up 0.7% to $1,279.46.
Analysts predict the gold price could remain elevated if global demand continues to rise and the dollar stays weak, making it a critical time for investors to monitor market trends.
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