Gold prices in Pakistan surged to a record high of Rs280,900 per tola after an increase of Rs3,000 on Friday.
Likewise, the price of 10 grams of gold rose by Rs2,572, reaching Rs240,826, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Thursday, gold had already climbed by Rs700, closing at the then-record level of Rs277,900 per tola.
Internationally, gold prices also increased on Friday. According to APGJSA, the global rate stood at $2,712 per ounce (with a $20 premium), marking a $30 rise during the day.
Silver prices followed suit, rising by Rs50 to settle at Rs3,100 per tola.
Globally, gold broke through the $2,700-per-ounce mark for the first time on Friday as uncertainty surrounding the US elections and ongoing tensions in the Middle East drove investors to seek safe-haven assets. Additionally, a more accommodative monetary policy environment contributed to the rally.
Despite US economic data released overnight showing a strengthening economy, which boosted the dollar and Treasury yields, traders still predict a 90% chance of a Federal Reserve rate cut in November.
