ISLAMABAD: Goldman Sachs, the global financial institution, has issued a new forecast for gold prices, according to which the price of gold could reach $ 5,400 per ounce by the end of 2026.
According to the brokerage house, the main reason for this increase is the increasing investment in gold by the private sector and central banks of emerging economies, which is considered an effective hedge against global policy concerns.
On Monday, the price of spot gold reached a high of $ 5097 per ounce. Since the beginning of this year, the price of gold has increased by more than 13 percent, while last year the price of gold saw an extraordinary increase of 64 percent.
The global rally translated directly into sharp increases in Pakistan’s local bullion market.
According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola jumped by Rs10,900 to reach Rs532,062. The price of 10 grams of gold increased by Rs9,345, settling at Rs456,157.
These gains follow a strong upward move last week, when gold prices had already climbed significantly in local trading.
Silver prices in Pakistan also registered fresh highs. Silver per tola rose by Rs537 to Rs11,428, while the price of 10 grams increased to Rs9,797.
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