Gold prices skyrocketed on Saturday, driven by heightened demand for the safe-haven asset as global economic uncertainties intensify. Both international and domestic markets witnessed sharp increases, reflecting investor confidence in gold amid fears of economic instability.
International Market Surge
In the global bullion market, gold prices climbed by an impressive $61 per ounce, reaching a record high of $3,363 per ounce. This significant rise is attributed to a weakening US dollar and growing apprehensions about a potential worldwide economic downturn, prompting investors to seek stability in precious metals.
Domestic Market Follows Suit
Mirroring the global trend, gold prices in Pakistan saw a substantial uptick. The per tola gold price surged by Rs6,100, hitting Rs359,000, while the cost of 10 grams rose by Rs5,229, settling at Rs307,784. This marks a strong recovery from Friday’s brief dip, when the per tola price fell by Rs100 to Rs352,900 before rebounding by the close of the trading day.
Silver Prices Also Rise
Silver, often moving in tandem with gold, also experienced gains. The per tola silver price increased by Rs53, closing at Rs3,953, further signaling investor preference for precious metals during uncertain times.
Why Gold Remains a Top Investment
With economic volatility on the rise, gold continues to attract investors seeking to hedge against inflation and currency fluctuations. Its status as a reliable store of value makes it a go-to asset during turbulent market conditions. As global economic challenges persist, gold prices are expected to remain a focal point for investors.
Keywords: gold prices, precious metals, economic uncertainty, bullion market, gold investment, Pakistan gold rates
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