The gold rates in Pakistan have skyrocketed to new heights on Thursday, following a massive increase in the prices of precious metal in global markets.
This sudden hike in gold prices has taken the entire industry by surprise and left many people wondering about the reasons behind it.
According to reports, the rates of gold 24 karat surged by Rs2,600 per Tola, reaching an all-time high of Rs225,300. The rate of gold 24 karat also increased by 2,229 per 10 grams to Rs193,158. Meanwhile, the gold 22 karat reached Rs177,062 per 10 grams. This substantial increase in gold prices has affected the local market, and people are now keeping a close eye on the situation to make informed investment decisions.
The hike in gold prices is not just limited to Pakistan; the international markets have also witnessed a jump in gold prices. As per reports, the prices of gold in the global market increased by $29 to reach $2,044 per ounce. The reasons behind this sudden surge in gold prices can be attributed to the global economic conditions and geopolitical tensions, which have made investors seek safe-haven assets like gold.
It’s not just gold that has witnessed a surge in prices; the prices of silver 24 karat have also reached an all-time high after an increase of Rs120 to Rs2,870 per Tola. The price of 10 grams of silver 24 karat has increased by Rs102.88 to Rs2,357.68 in the domestic market. The prices of silver in the international market were recorded at $24.74.
The increase in silver prices is attributed to the same reasons behind the hike in gold prices. As investors look for safe-haven assets during economic uncertainty, precious metals like gold and silver become an attractive option.
In conclusion, the sudden surge in gold prices has left many investors in Pakistan and around the world in a state of surprise. With the economic uncertainty prevailing in the global market, it’s essential to keep a close eye on the situation and make informed investment decisions. The current market conditions have made precious metals like gold and silver attractive options for investment, and it’s crucial to stay up-to-date with the latest trends to make informed decisions.
READ MORE: Gold prices in Pakistan reach all-time high on May 3, 2023
