Gold prices in Pakistan shot up on Monday, fueled by dramatic developments on the world stage after the US launched airstrikes in Venezuela and reportedly abducted President Nicolas Maduro. This surge in geopolitical drama sent investors flocking to safe-haven assets like gold, driving demand and giving the market a hefty boost.
According to the latest rates from the All-Pakistan Gems and Jewellers Sarafa Association, gold per tola skyrocketed by Rs9,200 to settle at Rs464,762. Ten grams of gold also saw a jump of Rs7,888, ending the day at Rs398,458. This marked a strong rebound from Saturday’s drop, when the price of gold per tola had fallen by Rs4,700, closing at Rs455,562.
Silver wasn’t left out of the action either. Its rally continued, with the price per tola increasing by Rs267 to reach a new all-time high of Rs8,023 in the local market.
On the global front, spot gold rose by 2.9%, trading at $4,453.22 an ounce by 10:10 am ET (1510 GMT)—its highest since December 29. Earlier, gold had hit a record peak of $4,549.71 per ounce on December 26, Reuters reported.
The rush for safer investments came as news of US involvement in Venezuela’s oil industry circulated, along with President Donald Trump’s warning of more strikes if the Venezuelan government resists American oil interests. Meanwhile, expectations of US Federal Reserve rate cuts and the anticipation surrounding key US non-farm payroll data, due later this week, continued to influence market activity.
Adnan Agar, Director at Interactive Commodities, commented on the bullish trend in gold. “The market low was around $4,370, while the high was near $4,455. Strong support was seen at about $4,250, which held firm, showing the market is on an upward path,” Agar said.
He also noted that other precious metals joined the climb, with both silver and platinum rising during Monday’s session. “Friday’s non-farm payroll data will be a turning point. If it favours gold, prices could go even higher; otherwise, we might see some correction,” Agar explained.
Looking ahead, Agar expects gold prices to level out for a while. With the start of the new year, he predicts that over the next 15 to 20 days—or perhaps
