KARACHI: Gold prices continued their sharp upward trend on Wednesday, reaching new all-time highs in both international and domestic markets amid rising geopolitical tensions.
Uncertainty caused by escalating Iran–US tensions has pushed investors towards safe-haven assets, driving gold and silver prices to historic levels globally and locally.
In the international bullion market, the price of gold rose by $43 per ounce for the third consecutive day, reaching a record $4,638 per ounce.
Following the global surge, prices in the local bullion market also jumped significantly. The price of 24-karat gold increased by Rs4,300 per tola, reaching a new record high of Rs486,162 per tola.
Similarly, the price of 10 grams of gold rose by Rs3,687, settling at a historic Rs416,805.
Silver prices also witnessed a sharp increase. The price of silver surged by Rs500 per tola, reaching Rs9,575, while the price of 10 grams of silver rose by Rs429 to Rs8,209.
Market experts say continued geopolitical uncertainty and strong demand for safe-haven assets are likely to keep precious metal prices volatile in the coming days.