Gold prices in Pakistan soared to a new all-time high on Wednesday, mirroring gains in the international market.
In the local market, the price of gold per tola reached Rs. 440,900 after a sharp increase of Rs. 5,800 during the day.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold was recorded at Rs. 378,000, up by Rs. 4,972.
On Tuesday, gold prices had already set a record, with the per tola rate climbing to Rs. 435,100 after a rise of Rs. 6,900.
APGJSA reported that the international rate of gold also increased, reaching $4,198 per ounce (including a $20 premium), a gain of $58.
Silver prices in the local market also saw an uptick, rising by Rs. 90 to reach Rs. 5,337 per tola.
Globally, gold approached the $4,200-per-ounce mark on Wednesday, supported by expectations of further U.S. interest rate cuts and renewed US-China trade tensions, which boosted safe-haven demand. Spot gold was up 0.8% at $4,173.56 per ounce as of 0252 GMT, after hitting a record high of $4,186.68 earlier in the session. U.S. gold futures for December delivery gained 0.7% to $4,192.90.
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