Sharp rise in silver and gold prices surprises buyers as investors rush toward safe assets.
Gold prices have reached record-high levels in both the international market and Pakistan, leaving buyers and investors shocked by the sudden jump. On Wednesday, prices of gold and silver increased sharply within a short time, showing strong demand in the market.
In the global market, the price of gold rose by $127 in a single day, pushing it to around $4,840 per ounce, the highest level ever recorded. During trading, gold even touched nearly $4,888 per ounce. This strong rise shows that investors are turning to gold as a safe option during uncertain times.
In Pakistan, gold prices also climbed to new highs. The price of one tola gold increased by Rs12,700, reaching a record Rs506,362 per tola. Meanwhile, 10 grams of gold prices went up by Rs10,888 to Rs434,123, marking the highest price in local history.
Silver prices also moved upward. In the local market, one tola silver increased by Rs64 to Rs9,933, while 10 grams rose by Rs54 to Rs8,515. In the international market, silver remained near high levels but showed a slight drop after touching record prices earlier.
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Gold prices have been rising for several days. On Tuesday, the price of gold per tola increased by Rs4,300 to close at Rs493,662, while on Monday it had already jumped by Rs7,500.
Experts believe the rise in gold prices is due to global tensions, trade war concerns, and a weaker US dollar. During uncertain economic conditions, investors usually prefer gold because it is seen as a safe investment.
Meanwhile, the State Bank of Pakistan injected around Rs50 billion into the banking system through a short-term operation to manage liquidity. The Pakistani rupee also showed slight improvement and closed at 279.91 against the US dollar in the inter-bank market.
Overall, silver and gold prices are at historic highs, and investors are closely watching the market to see what direction prices will take next.
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