Gold Prices Reach Record Highs in Global and Local Markets
Gold prices have surged to new all-time highs in both global and local markets due to recent increases. The international bullion market has witnessed a significant rise, with the price of gold per ounce increasing by $11, reaching a new high of $2,737.
Local Jewelry Markets Reflect Price Increases
The rise in global gold prices has had a direct impact on local jewelry markets. The price of 24-carat gold per tola has increased by Rs1,100, now reaching a record high of Rs283,400. This is an increase from the previous price of Rs282,300 during the last trading day. Additionally, the price of gold per 10 grams has jumped by Rs943, bringing it to Rs242,970, the highest ever recorded.
Stability in Silver Prices
In contrast to the rising gold prices, the price of silver has remained unchanged. The per tola rate for silver holds steady at Rs3,150, while the 10-gram rate remains stable at Rs2,700.62.
Factors Driving Gold Price Surge
The recent surge in gold prices can be attributed to several factors. Escalating tensions in the Middle East, uncertainties surrounding the upcoming U.S. elections, and a shift towards more lenient monetary policies are all contributing to this trend.
Investor Behavior Amid Economic Instability
Market analysts indicate that investors are increasingly turning to gold as a safe-haven asset in light of global economic instability. This heightened demand is pushing prices to unprecedented levels, reflecting a shift in investor sentiment during uncertain times.
