The gold prices in the local market have recorded a historic rise of Rs118,000 per tola within just 29 days.
The price of gold per tola has increased from Rs454,000 to over Rs572,000. Experts said the increase normally seen over a full year has occurred within a single month, calling it an unprecedented trend in the history of gold.
A sharp rise has also been recorded in the international market, where the price of gold per ounce increased by $1,163 during the same 29-day period. For the first time in global history, the price of gold per ounce has crossed the $5,500 mark.
Experts said major central banks around the world are rapidly shifting their dollar reserves into gold. As a result, global demand for gold has increased, pushing prices steadily higher.
