Gold Prices Suddenly Soar to All Time High in Pakistan

The 10-gram gold price also jumped by Rs. 986 to Rs. 162,294. Gold prices in the domestic market rose by roughly Rs. 1,150 per tola. The average rates in the local market went up to £189,300 per ounce.

Spot gold was up 0.2 percent to $1,934.82 per ounce at 21:40 PM on Wednesday, after hitting a 9-month high earlier in the day.

Although gold is regarded as a hedge against economic metrics such as currency and inflation, higher interest rates tend to dampen the appeal of zero-yielding bullion. In any case, the rare metal is still an investment worth having.