KARACHI – Gold prices in Pakistan has set another record on Wednesday after recording a massive single-day high amid rising global rates due to geopolitical tensions.
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.
The gold rate in international market witnessed a whooping increase of $211 to reach $5,293 per ounce.
Silver Prices in Pakistan
Silver prices in Pakistan have surged to a historic peak of Rs. 11,911 per tola, marking an increase of Rs. 271. Meanwhile, the cost of 10 grams of silver jumped by Rs. 232, reaching Rs. 10,211.
Experts suggest that amidst a growing global trend towards de-dollarization and escalating geopolitical uncertainties, the demand for gold and silver is surging, driving their prices to new historical highs.
The US dollar has recently fallen to its lowest point in four years, reflecting the ongoing shift in global financial strategies.
As countries move away from reliance on the US dollar, many central banks are increasing their gold reserves in a bid to diversify assets and reduce exposure to dollar fluctuations.
