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Gold prices in Pakistan hit a new all-time high on Wednesday, following a rise in the global market. The price of gold surged by Rs. 5,800 per tola, reaching a record Rs. 440,900.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold also increased by Rs. 4,972, bringing it to Rs. 378,000.
Earlier this week, gold prices had already climbed to Rs. 435,100 per tola on Tuesday, after a sharp rise of Rs. 6,900.
Why Gold Prices Are Going Up
The APGJSA pointed out that international gold prices also went up on Wednesday. The price of gold reached $4,198 per ounce, with a $20 premium, marking an increase of $58.
Globally, gold prices are pushing toward the $4,200 per ounce mark. The increase is mainly driven by expectations of U.S. interest rate cuts and growing trade tensions between the U.S. and China.
These factors have made gold a safer investment option, causing more people to buy it.
Gold Prices in the Global Market
On the global front, spot gold rose by 0.8%, reaching $4,173.56 per ounce as of 0252 GMT. Earlier, it had hit a record high of $4,186.68 per ounce. Meanwhile, U.S. gold futures for December delivery gained 0.7%, reaching $4,192.90.
The rise in gold prices in both Pakistan and the global market shows how important gold is during times of economic uncertainty, as investors look for safe places to store their money.
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