Gold prices have surged to record levels both domestically and internationally, driven by a combination of factors, including a recent interest rate cut by the US Federal Reserve and a decline in stock markets.
In Pakistan, the price of 24-carat gold surged by Rs 3,500 to reach an all-time high of Rs 272,000 per tola. Similarly, the price of 10 grams of gold jumped by Rs 3,001 to Rs 233,196.
Globally, gold prices climbed by $35 to reach a record $2,612 per ounce, reflecting investors' rush to safe-haven assets amidst economic uncertainty.
The US Federal Reserve's decision to lower interest rates has made gold more attractive to investors as it reduces the opportunity cost of holding the non-interest-bearing asset. Additionally, the decline in stock markets has driven investors to seek refuge in gold, which is often seen as a hedge against market volatility.
Market experts are closely monitoring the situation, noting that fluctuations in gold prices often reflect investor sentiment and economic conditions. As more individuals turn to gold as a safe haven during uncertain times, its value continues to rise, setting new records across various markets.
