The 24-karat gold sold at Rs273,000 per tola compared to its sale at Rs.271,900 on last trading day, according to the All Sindh Sarafa Jewellers Association.

The association reported that the price of 10-gram of 24-karat gold also increased by Rs943 to Rs234,053 from Rs.233,110. Likewise, the price of 10 gram 22-karat gold went up to Rs214,550 from Rs213,685, it maintained.

The price of per tola and 10-gram silver remained unchanged at Rs2,950 and Rs 2,529.14, respectively.

According to FX Street, Gold broke above its previous all-time high to reach a new record of $2.640 per troy ounce. Market bets of more aggressive interest rate cuts from the Federal Reserve (Fed) are a major driver. The news of a big stimulus push in China, which includes interest rate cuts, is also a factor. Meanwhile, escalating geopolitical tensions in the Middle East are increasing safe-haven flows into the yellow metal, it noted.

Lower interest rates are positive for Gold, as they reduce the opportunity cost of holding the non-interest-paying asset, making it more attractive to investors, FX Street shared.