The gold market is witnessing an unprecedented surge, breaking records both locally and globally. On Friday, gold prices in Pakistan soared yet again, reflecting the bullish trend in international markets.
Gold Prices in Pakistan
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola increased by Rs. 2,380, reaching Rs. 323,380. Likewise, the price of 10-gram gold saw an uptick of Rs. 2,041, bringing it to Rs. 277,246. This follows a sharp increase of Rs. 3,200 per tola on Thursday, when gold closed at Rs. 321,000.
International Gold Prices
The surge in local gold prices mirrors a similar trend in global markets. APGJSA reported that the international gold rate reached $3,074 per ounce (including a $20 premium), reflecting a $22 increase for the day. This marks a consistent upward trajectory, reinforcing gold’s reputation as a safe-haven asset amid economic uncertainty.
Silver Prices Also on the Rise
Not just gold, but silver prices in Pakistan also saw an increase. The price of silver per tola climbed by Rs. 30, reaching Rs. 3,610. This uptick in silver prices further highlights the strong demand for precious metals in both local and international markets.
Why Are Gold Prices Rising?
Several factors contribute to the rising gold prices, including:
- Economic Uncertainty: Global economic challenges, inflation, and geopolitical tensions drive investors towards gold as a safe-haven investment.
- Currency Depreciation: A weakening local currency against the US dollar makes gold more expensive in Pakistan.
- Central Bank Policies: Interest rate cuts and monetary easing policies in major economies contribute to higher gold prices.
- Market Speculation: Increased speculation in the commodities market adds to the price volatility.
What’s Next for Gold Prices?
With no immediate signs of stabilization in economic conditions, analysts predict that gold prices may continue their upward trend. Investors and traders are closely watching market movements, central bank decisions, and geopolitical developments to gauge the future direction of gold prices.
Conclusion
As gold continues to set new records, it remains a preferred investment choice for many. Whether you’re an investor, a jeweler, or a consumer, staying updated on price movements can help make informed financial decisions. With ongoing economic and market fluctuations, gold’s shine doesn’t seem to be fading anytime soon.
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