In a noteworthy surge, gold rates continued their upward momentum on Friday, amplifying economic concerns for investors and traders.
The price of 24-karat gold witnessed a significant surge, jumping by Rs1,100 per tola to reach Rs216,800.
The Karachi Sarafa Association, a key player in the precious metals market, reported that the price of 10-gramme 24-karat gold also experienced a notable increase, settling at Rs185,871 per tola.
This reflected a substantial rise of Rs943, prompting a reevaluation of investment strategies in the local jewellery market.
Similarly, the price of 10-gramme 22-karat gold exhibited an upward trend, reaching Rs170,382 per tola, marking a gain of Rs865.
This surge in gold prices is creating ripples across the domestic market, influencing the decisions of both investors and consumers alike.
On the global front, the international spot gold market is witnessing an upward trend, with a $2.77 increase on the day, currently trading at $2,046.72.
This surge in global gold prices is directly influencing the domestic market, with the gains seen locally being closely linked to the rally in the international gold market.
The international gold market is on track for a third consecutive daily victory, driven by a relatively weaker dollar. The weakening of the dollar has bolstered gold prices, making it an attractive investment amid economic uncertainties.
Furthermore, the Pakistani rupee recorded a marginal decline against the US dollar, depreciating by 0.03 per cent in the inter-bank market on Friday.
At the close, the local unit settled at 279.19, reflecting a loss of Re0.08 against the greenback, according to the State Bank of Pakistan (SBP).
This slight depreciation comes after a relatively stable period on Thursday, where the rupee settled at 279.11 against the US dollar.
