Pakistan Sees Unchanged Gold Prices Amid Global Rise

Pakistan Sees Unchanged Gold Prices Amid Global Rise

Karachi, June 20, 2024 – The per tola price of 24 karat gold in Pakistan remained steady at Rs 241,300 on Thursday, according to the All Sindh Sarafa Jewellers Association. Despite a rise in gold prices on the international market, local prices for gold have not fluctuated.

Similarly, the prices of 10 grams of 24 karat and 22 karat gold remained stagnant at Rs 206,876 and Rs 189,636, respectively. This stability in gold prices comes at a time when global markets are experiencing a slight uptick.

The price of silver also remained unchanged, with per tola and 10 grams trading at Rs 2,750 and Rs 2,357.68, respectively.

However, on the international stage, the price of gold saw a minor increase. The global price of gold rose by $3, climbing from $2,332 to $2,335. This increase reflects ongoing market dynamics, including investor behavior and economic indicators that influence the precious metals market.

Local jewellers and market analysts note that the stability in Pakistan’s gold prices, despite the international rise, is due to various factors including local market demand, currency exchange rates, and economic conditions. The unchanged rates provide some relief to consumers and investors looking to purchase gold within the country.

Gold has traditionally been a popular investment and a hedge against inflation in Pakistan, and the current stable prices may encourage more buying activity. However, the global rise in gold prices is indicative of broader market trends where investors seek safe-haven assets amid economic uncertainties.

The All Sindh Sarafa Jewellers Association continues to monitor both local and international markets to provide updated prices. The association’s consistent reporting helps traders and consumers make informed decisions regarding their investments in precious metals.

As the global market continues to fluctuate, it will be interesting to see how long the local prices in Pakistan can maintain their stability. For now, buyers and investors can take advantage of the steady rates amid the broader trend of rising gold prices internationally.

While international gold prices have seen a slight increase, Pakistan’s gold market remains unchanged, providing a stable environment for consumers and investors.

The local market’s resilience highlights the unique dynamics at play within Pakistan’s economy and precious metals market.