Karachi, July 10, 2024 – Gold prices surged by Rs 600 on Wednesday in the Karachi bullion market, mirroring trends in the international markets.
The price of 24-karat gold per tola rose to Rs 245,600, up from the previous day’s closing of Rs 245,000. Similarly, the price of 24-karat gold per 10 grams increased by Rs 514, reaching Rs 210,562 from the prior day’s closing of Rs 210,048.
Analysts at the Karachi bullion market attributed this rise to increasing trends in the global markets, where gold saw a notable uptick. Internationally, gold prices rose by $10, climbing to $2,372 per ounce from the previous day’s closing of $2,362.
The upward movement in gold prices has been linked to various factors influencing the global economy. Market experts point to concerns over inflation, geopolitical tensions, and economic uncertainties as key drivers of the increased demand for gold, traditionally seen as a safe-haven asset.
“The surge in gold prices is reflective of the broader trends we are witnessing globally,” said an analyst from the Karachi bullion market. “Investors are flocking to gold as a hedge against inflation and economic instability, driving up the prices.”
In recent weeks, international markets have experienced volatility, prompting investors to seek stability in gold. This has resulted in a ripple effect, impacting domestic markets such as Karachi’s.
The rise in gold prices is expected to affect various sectors, including jewelry and investment markets. Jewelers in Karachi anticipate a potential slowdown in consumer purchasing due to the higher prices, while investors may find the current scenario favorable for their portfolios.
“We are closely monitoring the situation and advising our clients accordingly,” said a local jeweler. “While higher prices may deter some buyers, others see this as a strategic investment opportunity.”
The latest price hike adds to the trend of rising gold prices observed over the past few months. As the global economic landscape continues to evolve, market participants in Karachi and beyond will be keenly watching for further developments that could influence the precious metals market.