Gold prices skyrocket as global, local markets hit new peaks
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Gold prices surged to historic highs in both international and local markets on Thursday, driven by sustained global demand, inflation concerns, and large-scale purchases by various governments.
According to market reports, the persistent rise in gold prices is setting new records daily, with investors turning to the precious metal as a safe-haven asset.
In the international bullion market, the price of gold per ounce increased by $12, reaching an all-time high of $3,050. The impact was immediately reflected in Pakistan's local markets, where the price of 24-carat gold per tola jumped by Rs1,800, reaching a record Rs320,800.
Similarly, the price of 10 grams of 24-carat gold rose by Rs1,543, setting a new high at Rs275,034.
Meanwhile, silver prices experienced a decline. The price of one tola of silver dropped by Rs31, settling at Rs3,524, while the rate for 10 grams fell by Rs26 to Rs3,021.
Market analysts attribute the rising gold prices to ongoing economic instability and increasing global interest in gold as a hedge against inflation.
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Express Tribune
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Express Tribune
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