Gold, silver hit record highs as safe-haven demand surges | The Express Tribune

Gold prices in Pakistan surged to a new all-time high on Monday, tracking a sharp rally in the international market where the precious metal touched record levels amid renewed safe-haven demand.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by Rs5,500 per tola to settle at Rs428,200, while 10-gram gold was sold at Rs367,112, up by Rs4,715.

The rally follows a weekend increase, when the yellow metal climbed Rs2,100 per tola to close at Rs422,700 on Saturday.

In the global market, gold prices scaled to another record high of $4,071 per ounce (including a $20 premium), gaining $55 on the day. Analysts attributed the spike to renewed US–China trade tensions after President Donald Trump revived tariff threats against Beijing, alongside growing expectations of US interest rate cuts, which enhanced gold’s appeal as a non-yielding asset.

Silver prices also mirrored gold’s rally, reaching an all-time high of Rs5,247 per tola, up Rs147 from the previous session.
Market observers said both metals are likely to remain volatile in the near term, driven by geopolitical uncertainty and shifting expectations around US monetary policy.

Spot gold was up 1.4% to $4,075.24 per ounce, as of 1033 GMT, after hitting a record $4,079.70/oz, according to Reuters. US gold futures for December delivery surged 2.4% to $4,094.70.

Moreover, Bank of America Global Research on Monday raised its price forecasts for precious metals, lifting its 2026 outlook for gold to $5,000 an ounce, with an average of around $4,400.

The bank sees the risk of a near-term correction, but still expects a further upside in 2026.

“Looking into 2026, a 14% increase of investment demand – similar to what we have seen this year – could lift gold to $5,000/oz,” the bank noted.