KARACHI – Gold prices in Pakistan climbed to another record high after witnessing whooping surge on Thursday amid heightening global tensions that have pushed investors to move to safe-haven assets.
According to Sarafa Association, the price of per tola gold moved by massive Rs21,200, taking new price to fresh peak of Rs572,862.
The price of the 10-gram gold increased by Rs18,175 with new price hovering at all-time high of Rs491,136.
The massive rally in local market comes in line with the global market where per ounce rate has climbed to $5,504 after an increase of $212.
A day earlier, the precious commodity has soared past the Rs550,000 per tola mark in the South Asia country for the first time in history. Gold saw an increase of Rs21,100 to settle at Rs551,662 per tola while the price of 10-gram soared by Rs18,090, taking new rate to Rs472,961.
Silver Prices in Pakistan
Silver also recorded upward trend in local market where per tola rate has soared to Rs12,175 following an increase of Rs264.
The price of 10-gram silver saw an increase of Rs227, now standing at Rs10,438.
Meanwhile, bears on Thursday took control of the Pakistan Stock Exchange (PSX) as it has dropped by over 6,000 points due to rising tensions between the US and Iran.
The KSE-100 index shed by 6419 points to drop to 181,961 points compared to previous close of 188,380.38 points as investors opt for profit-taking due to the regional tensions.
The development comes as the tensions in the Middle East (ME) have escalated sharply as the United States’ advanced aircraft carrier strike group, led by the USS Abraham Lincoln, has entered the region’s maritime boundaries.
