On Wednesday, the gold price soared to new record returns in both the domestic and international market providing investors with a promising sign of future bullish returns. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), local bullion rate shot up by 6000 per tola, to the highest ever level of Rs. 376,700. On the same note, the rate of 10 grams of the precious metal increased by Rs. 5,144 to reach a new low in the local trade, which is now at Rs. 322,959.
The yellow metal had been pegged at only Rs. 370,700 per tola a day before. But the jump on Wednesday indicates a wholesale change in investor confidence and an increasing demand in safe-havens. Bullion prices also recorded new highs on the international front. Gold reached a record high of 3540 an ounce (including a 20 premium) representing a steep increase of 60 per ounce within one session.
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According to market experts, the surge is fuelled by increased global uncertainties and increased inflows of investment. As the gold price is continuing to soar to new heights, jewelers, investors, and traders are closely monitoring the dynamics of the market. The existing upward trend, according to analysts, may last in the short term, and thus gold would make a more attractive but risky investment choice.
