Gold Prices Climb by Rs 1600 in Pakistan on June 21, 2024

Gold Prices Climb by Rs 1600 in Pakistan on June 21, 2024

Karachi, June 21, 2024 – The gold prices in Pakistan saw a significant increase on Friday, climbing by Rs 1,600 per tola in response to a surge in international markets. The price of 24-karat gold per tola rose to Rs 242,900 from the previous day’s closing of Rs 241,300.

Similarly, the price of 24-karat gold per 10 grams increased by Rs 1,372, reaching Rs 208,248 from the previous day’s closing of Rs 206,876 in the bullion markets of Pakistan. This marked a noticeable uptick in the domestic gold prices, which have been influenced by global market trends.

Analysts attributed the rise in domestic gold prices to the increase in international markets. The price of gold in the global market rose by $28, ending at $2,363 per ounce, compared to the previous day’s closing of $2,335 per ounce. This surge in international gold prices has had a direct impact on the local market, pushing up the prices for consumers and investors in Pakistan.

The increase in gold prices is reflective of broader market trends where precious metals often see price hikes due to economic uncertainties, currency fluctuations, and changes in demand and supply dynamics. The global market’s recent movements indicate a growing investor interest in gold as a safe-haven asset amidst ongoing economic challenges and geopolitical tensions.

In Pakistan, the rise in gold prices comes at a time when the economy is grappling with various challenges, including inflation and currency devaluation. The upward trend in gold prices can have mixed effects on the economy; while it benefits investors and traders in the bullion market, it poses challenges for consumers and industries dependent on gold.

Market experts suggest that the trend in gold prices will continue to be influenced by international market conditions and domestic economic factors. Investors are advised to stay informed about global market movements and consider these factors when making investment decisions in the bullion market.

As the situation evolves, stakeholders in the gold market, including jewelers, investors, and consumers, will be closely monitoring the trends to make informed decisions. The PMD continues to monitor the weather conditions and will provide updates as necessary to ensure public safety and preparedness.