Gold prices have surged to all-time highs in both global and local markets. In the local markets, the price of 24-carat gold per tola increased by Rs 700 on Thursday, reaching Rs 277,900. Similarly, the price for 10 grams rose by Rs 600, hitting Rs 238,254.
This rise follows a sharper increase on Wednesday, where gold per tola saw a jump of Rs 2,200, moving from Rs 275,000 to Rs 277,200. The price for 10 grams increased by Rs 1,886 during the same period.
In contrast, the price of silver remained stable at Rs 3,050 per tola, with the price for 10 grams unchanged at Rs 2,614.88.
On the international front, gold prices per ounce also reached record levels, increasing by $7 to $2,682. This rise was attributed to uncertainty surrounding the upcoming US elections and expectations of interest rate cuts by major central banks. Spot gold rose 0.3% to $2,680.19 per ounce by 0458 GMT, following an earlier record high of $2,685.60. Meanwhile, US gold futures gained 0.2% to $2,695.90.
Also Read: Gold Prices Increase in Global and Domestic Markets
Analysts suggest that the rising gold prices reflect investors seeking safe-haven assets amid political uncertainty in the US, with predictions that a Trump presidency could further elevate gold values due to increased trade tensions and budget deficits.
