PkRevenue.com — Gold prices in Pakistan surged on Thursday, reaching Rs 243,000 per tola. This significant increase of Rs 2,400 from the previous day’s closing of Rs 240,600 reflects a rising trend in the international markets.
Similarly, the price of 24-karat gold per 10 grams experienced a notable increase. It rose by Rs 2,057, closing at Rs 208,333 compared to the previous day’s Rs 206,276. This spike in prices is consistent with movements in the global bullion markets, where gold saw a considerable rise.
In the international markets, gold prices increased by $30, settling at $2,362 per ounce, up from the previous day’s $2,332. Market analysts attributed this rally to a variety of global economic factors, including geopolitical tensions, inflation concerns, and currency fluctuations.
Bullion market experts in Pakistan pointed to these international trends as the primary drivers behind the domestic price surge. “The increase in international gold prices has a direct impact on our local markets. Investors are seeking safe-haven assets amid global uncertainties, driving the demand and prices higher,” explained a local bullion trader.
This rise in gold prices comes at a time when global markets are experiencing volatility. Investors are turning to gold as a hedge against economic instability and potential downturns. The ongoing geopolitical tensions and the fluctuating dollar have further fueled this trend.
The consistent increase in gold prices has a significant impact on the domestic market, influencing not only investors but also consumers. Higher gold prices affect the jewelry market and the overall spending capacity of the public. Consumers looking to purchase gold jewelry for weddings and other occasions might find these prices challenging.
Despite the rising costs, gold continues to be a preferred investment in Pakistan. Its perceived stability and the potential for long-term gains make it an attractive option for investors. As global economic conditions remain uncertain, the trend of rising gold prices is likely to continue, keeping investors and market watchers on their toes.
The surge in gold prices in Pakistan to Rs 243,000 per tola reflects broader global economic trends. With international markets showing similar upward movements, the domestic market is expected to follow suit, impacting both investors and consumers alike.
