Global Gold Prices Soar Past $4,340/oz, Triggering Massive Price Hike in Pakistan

Gold prices surged past $4,340 per ounce globally on Friday, sparking a massive jump in international markets. The price hike is expected to have a direct impact on Pakistan's local gold market when it reopens on Monday.

The global spot gold price settled at $4,341.52 per ounce, marking a single-day gain of over $100 per ounce. This significant upward movement was fueled by easing U.S. Treasury yields and changing interest rate expectations.

International silver prices also jumped to $63.47 per ounce, gaining 3.19% on the day.

In Pakistan, local bullion associations are expected to revise gold rates upward significantly when markets reopen on Monday morning. The current official gold rate in Pakistan stands at Rs 454,336 per tola, but this is expected to increase by Rs 6,000 to Rs 8,000 per tola due to the global price hike.