Karachi, February 22, 2024 – The gold market in Pakistan witnessed a modest uptick on Thursday as the price per tola reached Rs 215,300, driven by a slight increase in international markets.
Analysts at the bullion market attribute this rise to the recent uptrend in global gold prices.
The 24-karat gold per tola saw a marginal increase of Rs 100 from the previous day’s closing of Rs 215,200 in the domestic markets. Similarly, the 24-karat gold per 10 grams recorded a gain of Rs 85, closing at Rs 184,585 compared to the previous day’s Rs 184,500.
The global gold market also experienced a slight surge, with the precious metal gaining $3 to settle at $2,048 per ounce, up from the previous day’s closing of $2,045. This uptick in the international market has contributed to the positive sentiment in the local bullion market.
Experts in the field are pointing to various factors influencing the rise in gold prices. The ongoing geopolitical tensions, uncertainties in financial markets, and inflation concerns have been key drivers for investors turning to gold as a safe-haven asset. As a result, the demand for gold has been resilient, contributing to the overall upward movement in its price.
The current economic landscape, marked by fluctuating currency values and global economic uncertainties, has further intensified the appeal of gold among investors. Historically, gold has been considered a store of value, and during times of economic uncertainty, its demand tends to rise as investors seek stability.
While the increase in gold prices is a positive indicator for those invested in the precious metal, it also poses challenges for industries that rely heavily on gold, such as jewelry manufacturers. The rise in gold prices may impact their production costs and, subsequently, the pricing of their end products.
The Karachi gold market, being a significant player in the country’s economy, is closely monitored by investors, traders, and policymakers. The fluctuation in gold prices can have broader implications for the overall economic sentiment and investment landscape.
Market participants are keenly watching global economic indicators, central bank policies, and geopolitical developments that could potentially impact gold prices in the coming weeks. Any major shifts in these factors are likely to influence the trajectory of gold prices, shaping the dynamics of the bullion market.
As the gold market continues to respond to global events and economic trends, investors are advised to stay vigilant and informed. The delicate balance between supply and demand, coupled with external factors affecting the global economy, will play a crucial role in determining the future direction of gold prices in both domestic and international markets.
