Gold, silver at new highs on global rally

Gold prices in Pakistan surged to a fresh all-time high on Monday, mirroring a sharp rally in international markets driven by escalating geopolitical tensions and heightened safe-haven demand. Silver also climbed to an unprecedented level in the local market. According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by Rs6,200 per tola to settle at a record Rs462,362. Similarly, the price of 10-gram gold increased by Rs5,315 to Rs396,400. APGJSA President Muhammad Qasim Shikarpuri said gold touched its highest-ever level in the domestic market on Monday. The latest surge follows Saturday's increase of Rs1,300 per tola to reach Rs456,162. Internationally, spot gold jumped nearly 2% to around $4,421 per ounce by 09:43 am ET after touching the intra-day record of $4,428.92, as investors rushed towards safe-haven assets amid reports of rising US-Venezuela tensions and broader geopolitical uncertainty, according to Reuters.