Gold prices elevate to record highs amid global demand
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Gold prices have surged to historic highs in both global and local markets. On Thursday, strong demand and inflation worries drove the increase. Many investors are now turning to gold as a safe investment. Governments are also making large purchases, adding to the demand.
In the international bullion market, the price of gold per ounce rose by $12. This increase brought the price to an all-time high of $3,050. As a result, local markets in Pakistan adjusted their prices. The price of 24-carat gold per tola jumped by Rs1,800, reaching a new record of Rs320,800.
Similarly, the price for 10 grams of 24-carat gold rose by Rs1,543. This brings the total to Rs275,034, setting yet another record. Investors are clearly reacting to the ongoing economic instability.
In contrast, silver prices saw a decline. One tola of silver dropped by Rs31, settling at Rs3,524. Meanwhile, the rate for 10 grams of silver fell by Rs26 to Rs3,021. Market analysts attribute the rising gold prices to growing interest in gold as a hedge against inflation.
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