Gold prices hit record highs amid inflation concerns

(Web Desk): Gold prices hit record highs in both international and local markets on Wednesday, driven by inflation concerns and increasing gold purchases by countries' central banks.

Market reports showed that global economic uncertainties and the rising demand for gold as a safe investment have pushed prices higher every day.

In the international market, the price of gold per ounce rose by $16, reaching a new high of $3,038. This increase was immediately reflected in Pakistan's local markets, where the price of 24-carat gold per tola jumped by Rs1,650 to a record Rs319,000. Similarly, the price of 10 grams of 24-carat gold went up by Rs1,415, reaching a new peak of Rs273,491.

Meanwhile, silver prices remained steady. One tola of silver stayed at Rs3,555, and the price for 10 grams remained at Rs3,047.

Analysts say the rising gold prices are due to ongoing economic instability and increased demand for gold as a safe-haven asset.