Gold and silver prices soared to historic highs in Pakistan on Wednesday, continuing a sharp upward trend in both local and international markets.

In the domestic market, gold per tola surged by Rs2,000 to reach Rs472,862, while 10-gram gold jumped by Rs1,714 to Rs405,402, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Silver also witnessed a sharp rise, increasing by Rs500 to Rs7,505 per tola.

The upward trend mirrors global gains, where gold surpassed $4,500 per ounce for the first time. Spot gold traded at $4,492.51, while US February gold futures climbed to $4,520.60. Silver also touched an all-time high of $72.27 per ounce, fueled by strong safe-haven demand and growing speculation of potential US interest rate cuts next year.

Analysts say investors are increasingly turning to precious metals as a secure store of value amid global economic uncertainties. The ongoing geopolitical tensions, inflationary pressures, and market volatility are driving demand for gold and silver, pushing prices to historic levels both locally and internationally.

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Industry experts warn that this upward momentum may continue in the near term, urging investors and consumers to stay alert to market fluctuations. Jewelry and bullion traders are also benefiting from the surge, while ordinary buyers face rising costs in acquiring gold and silver for personal or investment purposes.

The record-breaking gains highlight Pakistan’s sensitivity to global metal markets and the persistent appeal of gold and silver as safe investment options.