Gold Prices Soar to New Highs Amid Global Uncertainty
The increase in gold prices is driven by a combination of factors, including inflation concerns, shifts in currency valuations, and increased demand from central banks, making it a safe-haven asset amid market uncertainties, with silver prices also surging in response to the gold price hike.
Gold prices in Pakistan have reached a new high, with the price per ounce rising by $12 to $2,948 in the international market, and locally, the price of gold per tola has increased by Rs1,500 to Rs309,500, driven by global economic factors and increased demand from central banks.
The surge in gold prices is attributed to inflation concerns and shifts in currency valuations, making gold a safe-haven asset amid market uncertainties. The international rate of gold also increased, with gold trading at $2,948 per ounce, up from $2,936, as profit-taking moves offset any rise in safe-haven demand. US President Donald Trump's announcement of fresh tariffs on imported goods, including cars and semiconductors, also contributed to the increase.
Market analysts attribute the surge to global economic trends and increased demand from central banks, with experts predicting further price increases in the coming weeks. The price hike has also led to an increase in silver prices, with 24-carat silver per tola reaching Rs 3,395 and 10 grams of silver reaching Rs 2,910. The gold price increase has been steady, with 24-carat gold per tola reaching Rs 309,500, a Rs 1,500 increase, and 10-gram 24-carat gold rising to Rs 265,346.
As the global economy continues to face uncertainties, investors are turning to gold as a safe-haven asset, driving up prices and making it a lucrative investment opportunity. With experts predicting further price increases, it remains to be seen how the gold market will perform in the coming weeks and months.
