Gold rates in Pakistan increased on April 20, 2023, with the price of 24 karat gold per Tola rising by Rs1,350 to Rs218,200, and the price per 10 grams rising by Rs1157 to Rs187.071.
The increase in gold prices in the local market is likely due to the ongoing economic and geopolitical uncertainties in the world.
As a safe-haven investment, gold is often sought by investors during times of market volatility as a means of storing value. The recent rise in gold prices in Pakistan was also likely due to the political instability in certain parts of the world. However, on this occasion, the price of gold in the local market increased due to a rise in the international market.
The increase in the international market can be attributed to a number of factors, including the ongoing trade tensions between the US and China, which has led to an uncertain global economic environment. This uncertainty has resulted in a decline in demand for gold, which is typically viewed as a safe-haven investment. Consequently, the international price of gold increased by $26 to $2000.
In contrast, silver prices in the local market remained unchanged, with the rate of silver 24 karat per Tola ending at Rs2,530 and per 10 grams at Rs2,170. The rate of silver in the international market was $24.82. Although silver is also considered a safe-haven investment, it is more volatile due to its smaller market size and greater industrial use.
Investors should carefully evaluate their investment options and seek professional advice before making any investment decisions. Gold and silver can be attractive investment options during times of market volatility, but they come with risks and are subject to market fluctuations. Therefore, investors must be well-informed and make investment decisions that align with their investment goals and risk tolerance.
