Gold price historic high by Rs700 per tola

Karachi: The price of gold reached historic highs in domestic and global markets on Thursday.

According to the All Pakistan Gems and Jewelers Association (APGJA), the price of per tola gold has increased by Rs700 to Rs277,900.

The price of 10 grams of gold in the country increased by Rs600 to Rs238,254.

According to the association, the gold price in the international bullion market increased by $7 to $2,682 per ounce.

It is pertinent to note that the price of per tola gold increased by Rs2,200 yesterday.

Gold hit an all-time high on Thursday, steered by uncertainty surrounding the US election and expectations of more interest rate cuts by major central banks, while spotlight shifted to a slew of US data.

Spot gold rose 0.3% to $2,680.19 per ounce by 0458 GMT, after hitting a record high of $2,685.60 earlier in the session. US gold futures gained 0.2% to $2,695.90.

“Investors are seeking safe-haven gold as a hedge amid uncertainty over the US election. A Trump presidency should support gold as it might raise trade tensions and widen the budget deficit,” said Kelvin Wong, OANDA senior market analyst for Asia Pacific.