BUSINESS/FINANCE
Gold prices surge to new heights in Pakistan
The price per tola surged by Rs900, reaching a record high of Rs281,800, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
In addition, the price for 10 grams of gold rose by Rs772, settling at Rs241,598. This follows a significant hike on Friday, when the gold price jumped by Rs3,000 to a previous record of Rs280,900.
The international market also witnessed an increase in gold rates on Saturday, with prices rising to $2,721 per ounce, accompanied by a premium of $20—an increase of $9 within the day.
The surge in gold prices has been attributed to various factors, including escalating tensions in the Middle East, uncertainties surrounding the upcoming U.S. elections, and a shift towards more relaxed monetary policies.
In tandem with gold, silver prices also experienced a rise, gaining Rs50 to reach Rs3,150 per tola.
Market analysts suggest that investors are turning to gold as a safe-haven asset amidst global economic uncertainties, further fueling demand and driving prices to unprecedented levels.