A number of variables, such as the US Federal Reserve’s recent interest rate decrease and a decline in stock markets, have caused gold prices to soar to record highs both domestically and internationally.
24-carat gold in Pakistan saw a 3,500% increase in price, hitting an all-time high of Rs 272,000 per tola. Likewise, the cost of ten grams of gold increased by Rs 3,001 to Rs 233,196.
Due to investors’ flight to safe-haven assets in the face of economic uncertainty, gold prices increased $35 globally to a record $2,612 per ounce.
Investors now find gold more appealing because of the US Federal Reserve’s move to lower interest rates, which lowers the opportunity cost of holding the non-interest bearing asset.
