Gold prices surged to record highs in both international and local markets on Wednesday, driven by inflation concerns and increased gold reserves accumulation by various countries.
According to market reports, persistent global economic uncertainties and aggressive gold buying by central banks have pushed prices to new peaks on a daily basis.
In the international bullion market, the price of gold per ounce rose by $16, reaching an all-time high of $3,038. The impact was immediately reflected in Pakistan’s local markets, where the price of 24-carat gold per tola jumped by Rs1,650, reaching a record Rs319,000.
Similarly, the price of 10 grams of 24-carat gold increased by Rs1,415, setting a new high at Rs273,491.
Meanwhile, silver prices remained stable. The price of one tola of silver stood unchanged at Rs3,555, while the rate for 10 grams remained at Rs3,047.
Market analysts attribute the rising gold prices to ongoing economic instability and the growing demand for gold as a safe-haven asset.