Gold prices climb for second consecutive day

Gold prices continued their rally for the second day on Wednesday and recorded a sharp climb in the global bullion market.

On Wednesday, gold prices increased by Rs2,300 per tola, bringing the total rise to Rs10,000 within two days. According to All Pakistan Gems and Jewellers, gold prices rose by Rs2,300, settling at Rs438,862 per tola. Meanwhile, 10 grams of gold were sold at Rs376,253 after a rise of Rs1,972.

International bullion rates climbed by $23, settling at $4,165 per ounce, with regional markets maintaining a $20 premium. According to analysts, heightened demand for safe-haven assets worldwide, boosted by a weaker US dollar, has contributed to the upward momentum.

Meanwhile, the price of silver also climbed by Rs60 per tola, reaching Rs5,482 on Wednesday.