Gold prices hit new record high, cross Rs440,000 mark

Price of 24-karat gold per tola rises by Rs5,800

The upward trend in gold prices continues, with rates reaching historic highs both internationally and in Pakistan’s local markets.

On Wednesday, the international bullion market witnessed a sharp surge, as the price of gold jumped by $58 per ounce, reaching an all-time high of $4,198.

In response to the global spike, domestic gold prices in Pakistan also soared. According to local jewellers, the price of 24-karat gold per tola rose by Rs5,800, hitting a record level of Rs440,900.

Read: Gold prices rally in global, Pakistani markets

Similarly, the price of 10 grams of 24-karat gold increased by Rs4,972, taking it to a new peak of Rs378,000.

Spot gold was up 1.5% at $4,203.79 per ounce as of 1018 GMT, after touching a record high of $4,217.95 earlier in the session. US gold futures for December delivery gained 1.4% to $4,220.20.

Silver rose 2.3% to $52.64, after having hit a record high of $53.60 on Tuesday, tracking gold's rally and amid tightening supply in the spot market.