KARACHI (Web Desk) – Gold prices have gone through the roof both in the international and local markets, reaching a historic high amid a global rally in bullion rates.
In the international bullion market, the price of gold shot up by $84 per ounce, touching a record level of $4,039 per ounce.
Following the global surge, gold prices in Pakistan’s local markets also climbed sharply, with per tola gold rising by Rs8,400, hitting an all-time high of Rs425,178. Similarly, the price of 10 grams of gold jumped by Rs7,202, reaching a new peak of Rs364,521 in local trading.
According to market analysts, the steep rise in gold prices is mainly driven by global economic uncertainty, weakening major currencies, and growing investor demand for safe-haven assets.
Many investors are said to be shifting their money into gold to hedge against inflation and currency volatility.
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Jewellers said that the local gold market is moving hand in hand with the international trend, as the Pakistani rupee’s weakness against the US dollar has further fueled the price hike.
Market observers believe that if global inflation and geopolitical tensions continue, gold prices may stay on the boil in the coming days.