The precious metal increased by Rs1,500 and sold at Rs277,000 against its sale at Rs275,500 on last trading day, the All Sindh Sarafa Jewellers Association.

The price of 10 grams of 24 karat gold also increased by Rs 1,285 to Rs. 237,482 from Rs236,197 whereas the price of 10 gram 22 karat gold went up to Rs217,693 from Rs216,514.

The association maintained that the price of per tola and ten gram silver remained constant at Rs3,050 and Rs2,614.88 respectively.

According to FX Street, gold rallied to a new record high in the $2,680s. The decisions by the People’s Bank of China (PBoC), Swedish Riksbank and Central Bank of Czech Republic to slash interest rates over recent days is advantageous for Gold as it lowers the opportunity cost of holding the non-interest-paying asset, making it more attractive to investors, it said.

FX Street maintained that a further upside factor is the escalation of the conflict between Israel and Hezbollah. On Wednesday, amid continued missile exchanges between the two enemies, the head of the Israeli Defence Forces, Herzi Halevi, told his troops in northern Israel that they should prepare for a ground offensive on Lebanon. If such an invasion should take place, it will further ratchet up risk aversion and increase safe-haven flows into the yellow metal.