On Saturday, the price of 24 karat gold per Tola rose by Rs500 to reach Rs225,500, while the rate of 24 karat gold per 10 grams increased by Rs429 to reach Rs193,330. The price of 22 karat gold per 10 grams was recorded at Rs177,219.
The surge in gold prices in the domestic market can be attributed to a variety of factors, including a weaker rupee, high interest rates, and geopolitical tensions.
Despite the surge in domestic gold prices, the price of gold in the international market witnessed a decline of $19 to reach $2,017 per ounce. This dip in the international market was driven by a strengthening of the US dollar, which tends to negatively affect the price of gold.
Interestingly, while gold prices surged in the domestic market, the price of silver saw a decline. The price of 24 karat silver per Tola dropped by Rs80 to reach Rs2,870, while the rate of 24 karat silver per 10 grams declined by Rs68.58 to reach Rs2,460.56. Meanwhile, the price of silver in the international market was recorded at $24.77.
The decline in the price of silver in the domestic market can be attributed to a drop in demand from industrial users, as well as a decrease in investment demand due to the surge in gold prices.
In conclusion, the surge in gold prices in the domestic market can be attributed to a variety of factors, including a weaker rupee, low interest rates, and geopolitical tensions. While the price of gold in the international market witnessed a decline, the price of silver saw a drop in the domestic market due to a decrease in demand from industrial users and investors. It remains to be seen how these prices will evolve in the coming weeks and months.
