Gold price breaks records again, surpasses Rs285,000 per tola

KARACHI: Gold price in Pakistan, on the third trading day of the week, rose to a new all-time high of Rs285,400 per tola in the bullion markets.

According to Express Tribune, the price of gold in local markets was recorded Rs2,000 higher compared to the last close of Rs283,400 per tola reported on Tuesday.

This surge comes after the precious metal’s price rose by $20 per ounce, reaching $2,757 on Wednesday. Speaking of 10-gramme gold, the price increased by Rs943, settling at Rs244,684.

Despite the yellow metal surging to a new record, silver prices remained unchanged. The price of per tola silver was recorded at Rs3,150, while 10-gramme silver stood at Rs2,700.62.

Experts are of the view that the consecutive rise in local and international bullion rates is due to multiple international and local factors, including the upcoming U.S. elections and a move towards more lenient monetary policies.

Analysts believe that investors are turning to gold as a safe-haven asset in light of global economic instability. The increased demand is pushing bullion prices to unprecedented levels.

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