Gold prices soar to fresh record highs as global rally accelerates

Gold prices surged to new all-time highs, driven by a sharp rally in the international market that pushed domestic rates to unprecedented levels.

In global trading, spot gold rose 1.2% to $4,332.25 per ounce by 1136 GMT, its highest level since October 21.

The international surge immediately fed into the local bullion market.

Read: Gold prices rise again as silver hits record high

The per tola gold price jumped by Rs10,700 to reach Rs454,262, according to market data. Prices for 10 grams of gold climbed by Rs9,174 to Rs389,456.

The metal is on track for a 3.2% weekly gain, reflecting strong investor demand. Spot silver also extended its momentum, rising 1.1% to $64.29 per ounce after touching a new record of $64.56/oz. The metal is headed for a 10.4% weekly gain.

Silver prices in the domestic market also recorded strong gains, with the per tola rate rising by Rs232 to a fresh peak of Rs6,684.

Consequently, in local bullion markets on Thursday, the price of 24-carat gold per tola increased by Rs500, reaching Rs443,562. After this, the price of gold per 10 grams rose by Rs428, reaching Rs380,282.

Read More: Gold prices climb again in local, international markets

Similarly, the price of silver per tola increased by Rs85 to Rs6,452, marking a new historical high, while the price of silver per 10 grams rose by Rs73 to Rs5,531, also reaching a record level.