Gold prices soared sharply on Thursday in both the international and domestic markets, triggered by escalating geopolitical tensions following Israel’s renewed threat to launch a strike on Iran.
The uncertain global environment spurred a rush towards safe-haven assets, pushing gold prices higher and unsettling already fragile financial markets.
In the local bullion market, the price of 24-carat gold surged by Rs4,000 per tola, reaching an all-time high of Rs356,900. Meanwhile, the rate for 10 grams of gold climbed by Rs3,430, now standing at Rs305,984.
According to market dealers, the sudden increase came in response to a $30 rise in international gold prices, which pushed the global per-ounce price to $3,375.
