Karachi, January 12, 2024 – Gold prices in Pakistan experienced a modest surge of Rs 200 on Friday, fueled by an uptick in the international markets.
The local markets saw an increase in the price of 24-karat gold per Tola, closing at Rs 216,500 compared to the previous day’s Rs 216,300. Similarly, the price of 24-karat gold per 10 grams rose by Rs 172, reaching Rs 185,614, up from the previous day’s closing of Rs 185,442.
Analysts attribute this rise in precious metal prices in the local market to the concurrent increase observed in the international markets. The global gold market witnessed a $4 increase, closing at $2,056 per ounce, up from the previous day’s $2,052.
The local gold market, which is often influenced by global trends, has been sensitive to fluctuations in international gold prices. Investors and traders closely monitor these trends to make informed decisions in the dynamic commodity market.
The recent gain in gold prices can be attributed to various factors affecting the international market. Geopolitical tensions, economic uncertainties, and fluctuations in currency values are some of the key drivers influencing the demand for gold as a safe-haven asset.
Global economic conditions, including inflation rates and interest rates, also play a crucial role in shaping the trajectory of gold prices. Investors often turn to gold as a hedge against inflation and a store of value during times of economic uncertainty.
The increase in the price of gold per Tola and 10 grams in the local markets reflects the positive sentiment among investors and traders, as they respond to the upward movement in the international gold market. This surge may lead to increased activity in the local gold market, as participants seek opportunities to capitalize on the price fluctuations.
However, market experts caution that the volatility in gold prices can be unpredictable, and investors should carefully evaluate market dynamics before making investment decisions. While gold has historically been considered a stable and valuable asset, its prices can be influenced by various global and domestic factors.
As the local and international markets continue to evolve, participants in the gold market will keenly observe geopolitical developments, economic indicators, and other factors that could impact the price of this precious metal. In the meantime, the modest gain of Rs 200 in gold prices on January 12 has captured the attention of market participants, prompting them to reassess their investment strategies in the ever-changing landscape of the commodity market.
