KARACHI: Gold prices continued to rise in both global and local markets on Wednesday, with the price of the precious metal reaching a new record level.
In the international bullion market, gold prices increased by $42 per ounce to $4,415.
Following the global trend, gold prices in local markets also rose by Rs4,200 per tola, reaching Rs463,936 on the third trading day of the week.
The price of 10 grams of gold increased by Rs3,601 to Rs397,750.
Silver prices also recorded gains in the local market. The price of silver increased by Rs146 per tola to Rs7,111, while the price of 10 grams rose by Rs125 to Rs6,096.
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.
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.
More read, Gold, silver prices climb further in local markets
Earlier, Gold and silver prices continued their upward trend in both international and domestic markets on Monday.
In the international bullion market, the price of gold increased by $8 per ounce, reaching $4,349 per ounce.
In Pakistan, the price of gold per tola rose by Rs800 to reach Rs457,336, while the price of 10 grams of gold increased by Rs685 to Rs392,091.
