Gold Prices Reach All-Time High in Local and Global Markets

Gold prices have surged to new record highs in both local and global markets, driven by uncertainty surrounding the US election and expectations of interest rate cuts by major central banks. The price of 24-carat gold per tola in the local markets rose by Rs700 on Thursday, reaching a new high of Rs277,900, while the price of 10 grams of gold increased by Rs600, reaching an all-time high of Rs238,254. In contrast, the price of silver per tola remained stable at Rs 3,050, with the price of 10 grams of silver unchanged at Rs2,614.88.

Key Takeaways:

• The price of 24-carat gold per tola in the local markets rose by Rs700 on Thursday, reaching a new high of Rs277,900.
• The price of 10 grams of gold increased by Rs600, reaching an all-time high of Rs238,254.
• The price of silver per tola remained stable at Rs 3,050, with the price of 10 grams of silver unchanged at Rs2,614.88.
• Investors are seeking safe-haven gold as a hedge amid uncertainty over the US election.
• Trump presidency could support gold as it might raise trade tensions and widen the budget deficit.
• Kelvin Wong, OANDA senior market analyst for Asia Pacific, noted that investors are seeking safe-haven gold due to US election uncertainty.

Statistics:

• The price of 24-carat gold per tola in the local markets rose by Rs700 to reach Rs277,900.
• The price of 10 grams of gold increased by Rs600 to reach Rs238,254.
• The price of silver per tola remained stable at Rs 3,050.
• The price of 10 grams of silver remained unchanged at Rs2,614.88
• The price of gold per ounce in the international bullion market rose by $7 to reach a record high of $2,682.
• Spot gold rose 0.3% to $2,680.19 per ounce.
• US gold futures gained 0.2% to $2,695.90.

Sources:

• "Gold prices reach new highs in local, global markets, but silver remains stable" by The Express Tribune, Thursday.
• OANDA senior market analyst for Asia Pacific, Kelvin Wong.