Gold prices soar to record highs globally and locally

Gold prices have once again reached an all-time high in both global and local markets.

The price of 24-carat gold per tola in the local markets rose by Rs 700 on Thursday, reaching a new high of Rs 277,900.

Similarly, the price of 10 grams of gold increased by Rs 600, reaching an all-time high of Rs 238,254.

A day earlier, on Wednesday, gold per tola saw a sharper rise of Rs2,200, bringing it to Rs277,200 from , while the price for 10 grams increased by Rs1,886, reaching Rs237,654.

Contrary to the increase in gold prices, the price of silver per tola remained stable at Rs 3,050, with the price of 10 grams of silver also unchanged at Rs 2,614.88.

In the international bullion market, the price of gold per ounce increased by $7, bringing the new global price to a record high of $2,682., steered by uncertainty surrounding the US election and expectations of more interest rate cuts by major central banks, while spotlight shifted to a slew of US data.

Spot gold rose 0.3% to $2,680.19 per ounce by 0458 GMT, after hitting a record high of $2,685.60 earlier in the session.

U\S gold futures gained 0.2% to $2,695.90.

"Investors are seeking safe-haven gold as a hedge amid uncertainty over the US election.

A Trump presidency should support gold as it might raise trade tensions and widen the budget deficit," said Kelvin Wong, OANDA senior market analyst for Asia Pacific.