On Tuesday, gold and silver prices soared in both local and international markets, marking a second consecutive day of robust gains driven by heightened investor interest.
In Pakistan, the All Pakistan Sarafa Gems and Jewellers Association reported a significant uptick in gold prices. The cost of 24-karat gold per tola surged by Rs6,100, reaching Rs356,100. Similarly, the price for 10 grams of gold increased by Rs5,232, settling at Rs305,300.
Globally, gold prices also saw a remarkable climb, rising by $61 to hit $3,377 per ounce.Spot gold hit a peak not seen since late April, last trading at $3,372.01 per ounce, up 1.2% daily, driven by market momentum and economic factors boosting demand.
Silver followed suit with notable gains. In Pakistan, the price of one tola of silver rose by Rs57 to Rs3,482, while 10 grams increased by Rs22 to Rs2,985. On the international stage, spot silver gained 1.3%, reaching $32.92 per ounce.
Other precious metals also experienced positive movement.Platinum rose 1.7% to $975.75/oz, palladium gained 0.8% to $948/oz, reflecting bullish sentiment in precious metals market.
Market analysts point to a combination of geopolitical tensions and persistent inflation fears as key drivers behind the surge in demand for gold and silver, both considered safe-haven assets during times of uncertainty.
As investors continue to seek stability, the upward trajectory of precious metals underscores their appeal in turbulent economic climates.
