Gold prices have surged to unprecedented levels, setting new records in both international and local markets. According to reports, the price of gold per ounce in the international bullion market has risen by $9, reaching a historic high of $2,953.
The increase in gold prices can be attributed to several factors, including the economic slowdown caused by former U.S. President Donald Trump’s stringent import policies. As a result, global economies have been struggling, prompting investors in various countries to seek refuge in gold. This trend has led to a continuous rise in the demand for gold, both globally and locally.
As a direct consequence of the global price hike, local markets have also witnessed a surge in gold prices. On Thursday, the price of 24-carat gold per tola (11.66 grams) in local jewelers’ markets increased by 1,000 Pakistani rupees, reaching a new peak of 309,000 rupees. Similarly, the price of 10 grams of gold rose by 857 rupees, touching 264,917 rupees.
Silver prices have also seen a notable increase, with the price of one tola of silver rising by 28 rupees, reaching 3,468 rupees. Meanwhile, the price of 10 grams of silver has climbed by 24 rupees, settling at 2,973 rupees.
Experts suggest that the ongoing rise in gold prices is linked to concerns about the potential devaluation of major global currencies. As a result, nations that oppose U.S. policies have been increasingly purchasing gold as a hedge against economic instability. This shift in investment strategies is contributing to the daily record highs observed in both global and local gold markets.
