Karachi, March 26, 2024 – The bullion markets in Pakistan witnessed a significant surge on Tuesday as gold prices soared by Rs 1,200 per Tola, reflecting the ongoing volatility in global markets.
The price of gold 24-karat per Tola surged to Rs 229,400, marking a notable increase from yesterday’s closing of Rs 228,200 in domestic markets. Similarly, the price of gold 24-karat per 10 grams rose by Rs 1,029, reaching Rs 196,674 compared to the previous day’s closing of Rs 195,645 in the local market.
Bullion experts attribute this sudden uptick in domestic gold prices to the recent movements in the global market. The international price of gold experienced an increase of $6, reaching $2,193 per ounce from the previous day’s closing of $2,187.
The surge in gold prices globally is likely influenced by various factors, including geopolitical tensions, economic uncertainties, and fluctuations in currency values. Investors often turn to gold as a safe-haven asset during times of instability, driving up demand and subsequently pushing prices higher.
The current environment of economic uncertainty, fueled by geopolitical tensions and ongoing market volatility, has bolstered investor appetite for safe-haven assets like gold. This increased demand has translated into higher prices both domestically and internationally.
In addition to global factors, domestic conditions such as supply chain disruptions, changes in government policies, and fluctuations in currency values can also impact gold prices in Pakistan. However, the primary driver of the recent surge appears to be the broader trends in the global market.
As investors closely monitor developments both at home and abroad, the outlook for gold prices remains subject to continued volatility. Market participants are advised to stay informed and exercise caution amid fluctuating prices and evolving economic conditions.
The surge in gold prices underscores the importance of diversification and risk management in investment portfolios. While gold can serve as a hedge against market volatility, investors should also consider a balanced approach to asset allocation to mitigate risks and maximize returns.
Looking ahead, market analysts will continue to monitor global economic indicators, geopolitical developments, and central bank policies for insights into the future direction of gold prices. In the meantime, investors in Pakistan and around the world remain vigilant as they navigate the dynamic landscape of the precious metals market.
