Karachi, March 8, 2024 – The gold market in Pakistan experienced a significant boost on Friday, with prices leaping by Rs 450 per Tola, driven by the sustained surge in global gold prices.
Investors and enthusiasts closely watched as the precious metal’s value continued to climb in international markets.
The price of 24 karat gold per Tola rose to Rs 228,600 on Friday, marking an increase of Rs 450 compared to the last trading day when it was valued at Rs 228,150. This uptick in prices reflects the ongoing global trend, where gold has been rallying in response to various economic and geopolitical factors.
Similarly, the price of 10 grams of 24 karat gold saw a rise of Rs 386, reaching Rs 195,988 from Rs 195,602. The 10-gram 22 karat gold also experienced an increase, reaching Rs 179,655 from Rs 179,301, as reported by the All Sindh Sarafa Jewellers Association. The market dynamics are indicative of a robust demand for gold as a safe-haven asset in the face of uncertainties.
While gold prices surged, silver maintained its stability in the Pakistani market. The price per Tola and ten-gram silver remained constant at Rs 2,600 and Rs 2,229.08, respectively. This contrast in movement suggests a unique market dynamic where gold is experiencing a surge while silver remains relatively steady.
The global gold market, which heavily influences local prices, observed a $6 increase, with gold being traded at $2,180 compared to the previous day’s value of $2,174. This demonstrates a consistent uptrend in the international gold market, reflecting the metal’s status as a safe investment amid a backdrop of economic uncertainties and geopolitical tensions.
Investors and analysts are closely monitoring the factors contributing to this surge, including inflation concerns, currency fluctuations, and geopolitical events. Gold has traditionally served as a hedge against inflation and economic downturns, making it a preferred choice for investors during times of uncertainty.
The increasing tensions in certain geopolitical regions, coupled with the unpredictable nature of global economies, are fueling the demand for gold as a reliable store of value. Investors in Pakistan, like their counterparts worldwide, are turning to precious metals to diversify their portfolios and safeguard their wealth.
As the gold market in Pakistan responds to global trends, market participants remain vigilant, keeping a close eye on international developments that could impact the precious metal’s trajectory. The recent jump of Rs 450 per Tola is just one reflection of the broader trend in the global market, emphasizing the resilience and enduring appeal of gold as a timeless and valuable asset.
