Gold breaks records: Investors turn to precious metal amid rising inflation

(Web Desk): Gold prices hit record highs in both international and local markets on Thursday, driven by strong global demand, inflation fears, and large purchases by governments.

Reports show that gold prices are rising daily, with many investors choosing gold as a safe investment.

In the global market, the price of gold per ounce rose by $12, reaching an all-time high of $3,050. This surge was quickly reflected in Pakistan’s local markets, where the price of 24-carat gold per tola increased by Rs1,800, hitting a record Rs320,800. The price for 10 grams of 24-carat gold also rose by Rs1,543, reaching Rs275,034.

In contrast, silver prices fell. The price of one tola of silver dropped by Rs31, settling at Rs3,524, while the rate for 10 grams decreased by Rs26 to Rs3,021.

Analysts say the rise in gold prices is linked to ongoing economic instability and growing interest in gold as a way to protect against inflation.