Karachi, August 17, 2023 – The price of gold in Pakistan experienced a notable surge on Thursday, with rates escalating by Rs 1,200 to reach Rs 225,000 per tola.
This increase in value was particularly evident in the 24-karat variant of the precious metal, which saw a rise from its previous closing rate of Rs 223,800.
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Similarly, the price of 24-karat gold per 10 grams also witnessed a substantial uptick. It climbed by Rs 1,029 to reach Rs 192,901 in the local markets. This rise in prices indicates a trend of increased demand for gold among local investors.
Market analysts attribute the surge in gold prices to the ongoing volatility in both the forex and financial markets. As traditional investment options display uncertainty, investors are turning to gold as a safe haven to safeguard their wealth. This heightened demand for the yellow metal has acted as a catalyst for the price escalation.
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Interestingly, the international market displayed a slightly different trend. The price of gold experienced a slight decline of $5, ultimately settling at $1,900 per ounce. This indicates that the local gold market’s dynamics might be influenced by domestic factors more than global trends.
In parallel, the foreign exchange market demonstrated a relatively flat movement in the value of the Pakistani Rupee (PKR) against the US Dollar on Thursday. This stable currency exchange environment might be contributing to investors’ interest in alternative assets like gold, which is known for its historical stability in times of economic uncertainty.
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As investors continue to seek secure avenues for their investments in the midst of market turbulence, the price of gold could remain a pivotal indicator of the prevailing economic sentiment. The trajectory of gold prices in the coming days will likely be influenced by a mix of global and domestic factors, further emphasizing its status as a reliable barometer of financial confidence.
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