Local Market Reflects International Trend as Gold Rates Experience Significant Increase
Gold prices in Pakistan witnessed a substantial rise on Saturday, mirroring the upward trend in the global market. According to the latest data provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola surged by Rs3,100, reaching Rs248,100.
Furthermore, the price of 10 grams of gold also experienced a notable increase, selling at Rs212,706 after a gain of Rs2,658. This surge in prices aligns with the international rate, which saw a $30 hike, settling at $2,414 per ounce (with a premium of $20).
The surge in gold prices comes amidst various economic factors influencing the global market. Investors often turn to gold as a safe-haven asset during times of economic uncertainty, which could be a contributing factor to the recent increase.
Additionally, silver rates also saw an uptick, with prices reaching Rs2,850 per tola, marking an increase of Rs120.
It’s noteworthy that just last month, gold prices in Pakistan had reached an all-time high of Rs252,200 per tola. However, Friday saw a slight decline in prices, with gold dropping by Rs600 per tola.
As the global economic landscape continues to evolve, fluctuations in gold and silver prices are expected to persist, impacting both local and international markets. Investors and consumers alike will be closely monitoring these developments to make informed decisions regarding their investments and purchases.
