Gold prices receive new hike, surpasses Rs283,000 per tola

KARACHI: Gold prices in Pakistan reached an all-time high on Wednesday, with the price of one tola surging to Rs283,400 in the local bullion market. This represents a significant increase of Rs1,100 from the previous day’s close of Rs282,300.

Similarly, the price of 10-gram gold rose by Rs 943 to settle at Rs 242,970.

The upward trend in gold prices is attributed to a global surge, with the precious metal gaining $11 per ounce to reach $2,737. Conversely, silver prices remained stagnant, with per tola silver priced at Rs3,150 and 10-gram silver at Rs2,700.62.

Experts cite multiple international and local factors contributing to the consecutive rise in gold prices. These include the impending U.S. elections and a shift towards more lenient monetary policies.

Analysts believe that investors are seeking safe-haven assets amidst global economic instability, driving up demand and pushing bullion prices to unprecedented levels.