Gold price rises to Rs215,700 per tola with Rs900 surge
The 24-karat gold price in Pakistan has once again surged, rebounding from a previous drop of Rs1,100 per tola in the last trading session.
The latest market data reveals a noteworthy increase of Rs900 per tola, closing at Rs215,700 per tola on Thursday.
On the preceding day, gold prices had recorded a dip to Rs214,800 per tola, experiencing a decline of Rs1,100. However, the recent spike has brought the values back on an upward trajectory.
The local market also witnessed a rise in the price of 10 grammes of 24-karat gold, marking an increase of Rs772 to reach Rs184,928 from Rs184,156.
Similarly, the price of 10 grams of 22-karat gold climbed to Rs169,517 from Rs168,810, as reported by the All Sindh Sarafa Jewellers Association.
The association suggests that these fluctuations are closely tied to the fluctuations in the value of the US dollar.
This correlation emphasises the intricate relationship between currency values and gold prices, highlighting the impact of global economic factors on local gold markets.
In contrast, the price of 24-karat silver remained stable at Rs2,570. Internationally, the global gold price experienced a minor uptick of $9, reaching $2,057 per ounce.
This stability in silver prices locally and the marginal increase in global gold prices indicate the complex dynamics at play in the precious metals market.
Investors and market analysts continue to monitor these shifts closely, recognising the interplay between global economic variables and the valuation of precious metals in the local market.
The resilience of gold prices, despite recent fluctuations, underscores the ongoing influence of international factors on Pakistan’s gold market.