Gold prices hit record highs in global, local markets
Iran has 15 gold mines, with the largest being the Zarshouran mine located in the country's northwest. PHOTO: PIXABAY
Gold prices climbed to historic highs on Monday in both international and domestic markets, driven by strong safe-haven demand and sustained buying momentum.
In the international bullion market, spot gold rose 1.7% to $4,413.01 per ounce by 0955 GMT, after touching a record high of $4,420.01 earlier in the session. US gold futures for February delivery gained 1.4% to $4,446.70 per ounce.
Following the global rally, gold prices in Pakistan surged to record levels. The price of gold per tola jumped by Rs6,200 to reach a historic high of Rs462,362.
Similarly, the price of 10 grams of gold rose by Rs5,315 to settle at Rs396,400, marking its highest level on record.
Read: Gold prices rise continuously, further increases today
Spot silver also rallied sharply, climbing 2.8% to $68.98 per ounce after hitting a new all-time high of $69.44 during the session.
On Saturday, gold prices in the local market also registered an increase. The price of gold per tola rose by Rs1,300 to Rs456,162, while the rate for 10 grams increased by Rs1,115 to Rs391,085.
Silver prices also surged sharply during the session. Spot silver jumped 2.6% to $67.14 per ounce, ending the week up 8.4% after hitting a record high of $67.45 earlier in the day.
Market analysts attributed the sharp rise to continued global uncertainty, expectations of monetary easing, and strong investor demand for precious metals as a hedge against inflation and geopolitical risks.