Karachi, July 4, 2024 – Gold prices experienced a significant increase of Rs 1,000 per tola on Thursday at the bullion market in Karachi, driven by a rise in international market rates.
The closing price for gold 24-karat per tola stood at Rs 243,300, marking a jump from the previous day’s closing of Rs 242,300. Similarly, the price of gold 24-karat per 10 grams saw an uptick of Rs 587, settling at Rs 208,590 compared to Rs 207,733 the day before, according to data from the Karachi bullion market.
Experts at the Karachi Bullion Market attributed this upward trend in domestic gold prices to a corresponding increase in global markets. Internationally, the price of gold rose by $10, reaching $2,355 per ounce, up from $2,345 in the previous session.
The surge in gold prices globally was fueled by several factors including geopolitical tensions, inflation concerns, and investor demand for safe-haven assets amidst volatile economic conditions. These factors collectively influenced the sentiment in the precious metals market, prompting investors to seek refuge in gold.
The Karachi bullion market, which closely tracks international price movements, reflected this sentiment with robust trading activity and increased buying interest among local investors and jewelers. Gold has historically served as a hedge against inflation and economic uncertainties, making it a preferred asset during periods of market turbulence.
Market analysts anticipate continued volatility in gold prices in the near term, influenced by macroeconomic indicators and geopolitical developments. The ongoing fluctuations in global currencies and interest rates are also expected to impact the trajectory of gold prices, influencing investor sentiment and trading patterns in the precious metals sector.
As the market dynamics evolve, stakeholders in Karachi and across Pakistan’s bullion industry will closely monitor price movements and adjust their strategies accordingly to capitalize on opportunities in the gold market.