Gold Prices Reach New Heights Across Markets

Islamabad: Gold prices have again risen to an all-time high in local and international markets. In local markets, the price of 24-carat gold per tola increased by Rs 700 on Thursday, hitting a new high of Rs 277,900.

Similarly, the price of 10 grams increased by Rs 600, reaching an all-time high of Rs 238,254.

The price of 10 grams rose by Rs 1,886 to Rs 237,654 on Wednesday, while the price of gold per tola surged more sharply by Rs 2,200 to Rs 277,200.

The price of silver per tola was stable at Rs 3,050, while the price of 10 grams of silver stayed the same at Rs 2,614.88, in contrast to the rise in gold prices.

Uncertainty surrounding the US election and expectations of further interest rate cuts by major central banks drove the price of per ounce to rise by $7 in the international bullion market, reaching a record high of $2,682 as the focus shifted to a plethora of US data.

After reaching a record high of $2,685.60 earlier in the day, spot gold increased by 0.3% to $2,680.19 per ounce by 0458 GMT.

At $2,695.90, US gold futures increased by 0.2%.

Kelvin Wong, OANDA senior market analyst for Asia Pacific said, “Investors are seeking safe-haven gold as a hedge amid uncertainty over the US election. A Trump presidency should support gold as it might raise trade tensions and widen the budget deficit.”