Local gold prices soared by Rs2,000 per tola to a record Rs285,400 on Wednesday, fueled by global safe-haven demand amid declining stocks, Middle East tensions, and anxiety over the US election. These factors prompted investors to rush towards bullion.
The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price for 10 grams of gold increased by Rs1,714 to Rs244,684.
This marked the seventh consecutive rise in local gold prices, each surge setting a new record.
Internationally, gold prices rose as the cost per ounce increased by $20 to $2,757. This surge came as investors hesitated to make significant investments ahead of the US election scheduled in two weeks.
Investors are reassessing potential Federal Reserve rate cuts following recent US economic data, which suggests continued expansion and job creation.
Analysts note that ongoing conflicts in the Middle East have further driven risk-averse investors towards gold.
Simultaneously, local silver prices also rose, with a Rs200 increase to Rs3,350 per tola.
The previous day, the price of gold increased by Rs1,100, pushing the per-tola price to a record of Rs283,400.