Gold Prices Surge Amid Global Uncertainty
Gold prices rebounded on Thursday, registering sharp gains in both global and domestic markets after two consecutive sessions of decline.
In the international bullion market, the yellow metal advanced by $20 an ounce, lifting the price to $3,345. The upward momentum was mirrored in Pakistan, where gold prices jumped significantly.
According to local traders, the rate of 24-karat gold rose by Rs2,000 per tola, reaching Rs357,200. Prices for 10 grams of gold also climbed by Rs1,715 to settle at Rs306,241.
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Silver prices followed the same path. The rate for one tola of silver increased by Rs78, bringing it to Rs4,013, while 10 grams were priced at Rs3,440 after an increase of Rs67.
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Market experts linked the surge to a combination of factors, including uncertainty in the global economy, weakening currencies, and a stronger demand for safe-haven assets.
They added that investors appear to be turning to precious metals as a hedge against volatility. While gold was on the rise, the Pakistan Stock Exchange (PSX) faced turbulence.
Despite hitting an intra-day high of 151,249 points, the benchmark index could not sustain momentum. Heavy selling pressure later in the session dragged it down to 149,145 points, marking a loss of 1,445 points or 0.96%.
