Gold rates reached a new peak in Pakistan on May 2, 2023, with the price of 24 karat gold per tola touching Rs221,000.
This increase of Rs1500 came as a surprise, especially since the rates of gold in the international market remained unchanged at $1,990.
The price of gold 24 karat 10 grams also increased by Rs1286 to reach Rs189,472, while gold 22 karat 10 grams recorded at Rs173,683. These increases in the local market reflect the country’s current economic situation, with inflation and a weakening currency leading to a rise in demand for gold as a safe haven investment.
Silver prices also saw a record high, with silver 24 karat 10 per tola increasing by Rs130 to reach Rs2,730. Similarly, silver 24 karat 10 grams increased by Rs111.45 to reach Rs2,340.53. In contrast, the price of silver in the international market was recorded at $24.82.
The fluctuations in gold and silver prices in Pakistan are not a new phenomenon. The demand for these precious metals has increased due to economic uncertainties, leading to increased volatility in the local market. Despite recent softening in gold rates, it is important to remember that gold remains a valuable investment option as it historically acts as a reliable store of value and hedge against inflation.
Given the current global supply chain disruptions and economic uncertainties, gold and silver can provide investors with a sense of security and stability. However, it is essential to keep an eye on the global market trends while investing in these precious metals. Investors should also seek professional advice before making any investment decisions.
In conclusion, while gold and silver prices in Pakistan may experience fluctuations, they remain a reliable investment option in these uncertain times. It is crucial to keep a close eye on the global market trends and seek professional advice before making any investment decisions.
