KARACHI: As a growing number of risk-averse international investors seek refuge in safe-haven assets, gold prices surged by Rs2,000 per tola to Rs285,400 on Wednesday, an all-time high.
The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) provided data indicating that the price of 10 grams of gold increased by Rs1,714 to Rs244,684.
The price of gold in the local market had increased for the seventh time in a row, each time setting a new record.
In the worldwide market, gold costs hit record highs as its cost per ounce rose by $20, coming to $2,757 on financial backers’ hesitance to put down significant wagers in front of the US political race in about fourteen days.
After the most recent US economic data indicated an economy that continues to expand and create jobs, investors are also rethinking how much the Federal Reserve might need to cut interest rates.
World stocks, in the interim, are turning lower, yet at the same time close to record highs, proposing that value financial backers are zeroing in additional on the up-sides around the economy and profit – until further notice, in any event.
Analysts stated that investors who are wary of taking risks have also used the Middle East conflict as an excuse to buy gold.
In the meantime, the price of silver also increased, reaching Rs3,350 per tola on the local market, an increase of Rs200.
A day sooner, the cost of yellow metal rose by Rs1,100 pushing the cost per tola to a then-record Rs283,400.
