Karachi, June 16, 2023 – In a remarkable development, gold prices in Pakistan have witnessed a significant surge of Rs2,700 per Tola, propelled by a substantial increase in international markets.
The local market experienced a surge in demand as the price of 24-karat gold per Tola reached an impressive Rs223,400, marking a notable rise from the previous day’s closing of Rs220,700. Similarly, the price of 24-karat gold per 10 grams rose by Rs2,315, reaching Rs191,530 from the previous day’s closing of Rs189,215 in domestic markets.
READ MORE: Gold Prices Surge in Pakistan to Rs220,700 per Tola despite International Rate Fall
Furthermore, the price of 22-karat gold per 10 grams also observed an upward trajectory, reaching Rs175,569 compared to the previous day’s closing of Rs173,447.
Market experts have attributed the surge in local gold prices to a substantial rise in international markets. Notably, gold rates experienced a surge of $36, reaching $1,965 per ounce compared to the previous day’s closing of $1,929.
READ MORE: Gold Prices Plummet in Pakistan amid Global Market Decline
Silver prices in the domestic markets also experienced an upward trend in response to the rise in international markets. The price of 24-karat silver per Tola increased by Rs100, culminating at Rs2,650. Similarly, the price of 24-karat silver per 10 grams witnessed an increase of Rs85.73, reaching Rs2,271.94. In international markets, silver rates rose to $24.11 per ounce, exhibiting growth from the previous day’s closing of $23.35.
READ MORE: Gold Prices in Pakistan Decline Due to Global Market Trends
Market analysts emphasize that fluctuations in gold and silver prices are influenced by various factors, including global market trends, supply and demand dynamics, currency fluctuations, and investor sentiment. The recent surge in gold and silver prices underscores the potential implications for consumers, investors, and the overall economy.
READ MORE: Gold Prices Hike in Pakistan amid Budget Fear
As investors closely monitor these developments, it is essential to remain vigilant and informed about the ever-changing landscape of precious metal prices, allowing individuals and businesses to make well-informed decisions regarding investments and financial planning.
