ISLAMABAD: Gold per tola in the country has become expensive by Rs 12,700, after which one tola of gold has reached more than Rs 500,000.
Gold per tola has reached a new historical high of Rs 506,362 for the first time, 10 grams of gold has become more expensive by Rs 10,888 to Rs 434,123.
Situation in the global market
Due to increasing political uncertainty and economic concerns at the global level, the price of gold has created a new history.
On Wednesday, the price of gold per ounce in the global market crossed $ 4,800, which is the highest level ever. The increasing demand for safe haven investments (safe haven) and the weakness of the US dollar pushed gold prices up.
Spot gold rose 1.2 percent to $4,821 an ounce, after touching a record high of $4,843 during trading. Similarly, US gold futures for delivery in February were trading at $4,813 an ounce after rising 1 percent.
According to experts, US President Donald Trump’s potential tariffs on European countries, tough statements about control over Greenland and criticism of NATO allies have dealt a severe blow to investor confidence. Trump had recently said that there was “no way back” on the Greenland issue and did not rule out the possibility of using force, which caused anxiety in global markets.
Later, Trump softened his tone and said that a solution would be found together with NATO that would please all parties, but European leaders reacted strongly. French President Emmanuel Macron made it clear that Europe would not bow to pressure or threats.
Market analysts say investors are moving out of the US dollar and long-term bonds and into gold. The dollar remained near three-week lows against the euro and Swiss franc, while Asian stock markets fell for a third straight day.
