Gold rates surge in Pakistan by Rs3,200 due to International market increase

Gold prices in Pakistan experienced a significant surge on Saturday, following an increase in international markets. The domestic market saw a rise of Rs3,200 in the price of 24 karat gold per tola, reaching Rs234,400.

Additionally, the rate of 24 karat gold per 10 grams increased by Rs2,743, while the price of 22 karat gold per 10 grams was recorded at Rs183,900.

The surge in gold rates can be attributed to the increase in prices witnessed in international markets. The international price of gold rose by $5 to $2,010 per ounce, impacting the local rates in Pakistan.

Alongside the rise in gold rates, the silver market also experienced an upward trend in the domestic markets. Silver, with a purity of 24 karat per tola, witnessed an increase of Rs100, bringing the price to Rs2,900. Similarly, the rate of silver with a purity of 24 karat per 10 grams grew by Rs85.74 to reach Rs2,486.28.

In the international markets, the rate of silver was recorded at $24.05, indicating a steady rise in its value.

These fluctuations in gold and silver rates are influenced by several factors, including global economic conditions, geopolitical tensions, and investor sentiment. Investors and individuals interested in these precious metals closely monitor such changes, as they have implications for various sectors of the economy, including jewelry, investment, and industrial applications.

It is important to note that gold and silver prices are subject to market volatility and can vary over time. Individuals and businesses involved in the gold and silver trade should stay updated with the latest market trends to make informed decisions.

As the prices of gold and silver continue to fluctuate, market participants in Pakistan will closely observe global developments to anticipate any potential impact on the local market.

Disclaimer: The rates mentioned in this article are based on the information provided as of May 13, 2023, and are subject to change.