ISLAMABAD (Kashmir English): Gold prices in Pakistan soared to a new high on Wednesday, driven by a fast-paced increase in international bullion rates. The local rate of 24-carat gold shot up by Rs2,000 to an all-time high of Rs472,862 per tola.
All Pakistan Gems and Jewellers Association reported that the price of 10 grams of gold also reached an all-time high, gaining Rs1,714 to reach Rs405,402. It was the second day running when the yellow metal achieved record gains. The price of gold in Pakistan moved in line with its global price.
The price of silver also went up, as one tola of silver improved by Rs500 to Rs7,705, while 10 grams reached Rs6,605 — an all-time high.
Meanwhile, gold rebounded to reach a fresh record at $4,505, jumping $20 per ounce in the international market. As per experts, prices of yellow metal are going up with surmised US interest rate cuts, sustained geopolitical tensions, and heavy buying by global central banks.
Analysts say gold remains a favored safe-haven asset, as there is a case of inflation, currency depreciation, and general global uncertainty. Increased interest by Pakistani investors was reflected in concern about a weakened rupee and the need to protect longer-term savings.
