Karachi, June 2, 2023 – Gold prices in Pakistan witnessed a significant surge on Friday, driven by a strong upward trend in the international markets. The local markets experienced a sharp gain in the value of gold, reflecting the global price movement.
The price of 24-karat gold per tola (11.66 grams) increased by Rs4,000, reaching Rs233,000 from the previous day’s closing price of Rs229,000. Similarly, the price of 24-karat gold per 10 grams rose by Rs3,429, closing at Rs199,760 compared to the previous day’s closing of Rs196,331. Additionally, the price of 22-karat gold per 10 grams increased by Rs3,143, ending at Rs183,113.
In the international market, the price of gold showed a gain of $8, closing at $1,975 per ounce, compared to the previous day’s closing price of $1,967.
Conversely, the prices of silver in the domestic market remained unchanged despite the increase observed in international markets. The price of silver per tola (11.66 grams) remained at Rs2,750, while the price per 10 grams closed at Rs2,357.68. However, in the international market, the price of silver increased by 40 cents, reaching $23.85 per ounce, up from the previous day’s closing price of $23.45.
The sharp gain in gold prices in Pakistan can be attributed to the global rising trend, as the precious metal continues to be seen as a safe-haven asset amid economic uncertainties and inflationary pressures. Investors seek refuge in gold, driving up its demand and subsequently its price.
It is important to note that gold and silver prices are subject to fluctuations based on various factors such as global economic conditions, geopolitical tensions, and market sentiment. Investors and individuals interested in gold and silver should closely monitor market dynamics and seek professional advice before making any investment decisions.
Disclaimer: This news report provides a general overview of gold and silver price movements based on available information at the time of writing. Prices may vary in real-time, and investors are advised to conduct thorough research and consult with financial experts for accurate and up-to-date information before making any investment decisions.