zoom past Rs550,000 mark
Islamabad
Gold price in Pakistan soared to a record high on Wednesday, registering the highest single-day increase and breaching the Rs550,000 mark amid fresh highs in global markets. According to market data, the price of gold rose by Rs21,100 to hit Rs551,662 per tola, the highest level ever recorded in the country’s history. The price of 10 grammes of gold also rose sharply, gaining Rs19,080 to reach Rs472,961, according to local bullion market figures. Silver prices mirrored the upward trend, increasing by Rs271 to stand at Rs11,911 per tola.
In the international market, gold prices rose above $5,300 per ounce for the first time as weakening confidence in the US dollar and concerns around the independence of the US Federal Reserve boosted demand for the safe-haven metal.
Spot gold jumped 1.7% to $5,275.68 an ounce after scaling a record $5,311.31. Prices gained more than 3% in the previous session.
US gold futures for February delivery jumped by 3.7% to $5,271.70 an ounce.
