KARACHI: Gold and silver prices continued their upward trend on Wednesday in both international and domestic markets, with gold reaching a new record high in Pakistan amid a surge in global bullion prices.
In the international bullion market, the price of gold rose by $46 per ounce, pushing the global rate to $4,114 per ounce.
Following the international trend, Pakistan’s local bullion market recorded a sharp increase in gold prices. The price of 24-karat gold climbed by Rs4,600 per tola, reaching a new all-time high of Rs433,836 per tola.
The price of 10 grams of 24-karat gold also increased by Rs3,944, settling at Rs371,944.
Silver prices also moved higher in the local market. The price of silver per tola rose by Rs7 to Rs6,403, while the price of 10 grams of silver increased by Rs6 to Rs5,489.
The latest gains come a day after gold prices also posted a significant increase, reflecting continued strength in both global and domestic precious metals markets.
Gold has traditionally been regarded as a safe-haven investment, with its value typically rising during periods of inflation, political uncertainty and economic instability.
For centuries, gold has served as both a store of wealth and a form of currency. Investors often turn to the precious metal when confidence in other asset classes weakens, making it a preferred hedge against market volatility.
More read, Gold prices in Pakistan soar to record Rs429,236 per tola
Last year, Pakistan revised its mechanism for determining domestic gold prices. Under the new formula, the local gold price is set at $20 per ounce above the prevailing international market rate, reflecting adjustments made by the country’s bullion pricing system.
