Karachi(Business Reporter);Gold Price Reaches Record High in Pakistan, The price of gold in Pakistan has reached an all-time high, as it experienced a massive rise after the market reopened after a two-day Ashura break.
Dealers say gold has become expensive due to the possibility of the US central bank slashing interest rates, while another reason attributed to this historic rise is the influence of Donald Trump’s possible victory in the US elections.
The All-Pakistan Gems and Jewellers Sarafa Association reported on Monday that the price of 24-karat gold per tola increased by Rs4,600, bringing it to a historic Rs254,000.
The price of 10-gram 24-karat gold also experienced an upward trend, rising by Rs3,944 to reach Rs217,764.
The price of 10 grammes of 22-karat gold on Thursday was Rs199,617.
The international gold market also showed an increasing trend. According to APGJSA, the global rate stood at $2,470 per ounce, marking a $60 decrease on Monday.
Gold Rate in Pakistan today, Check latest prices here
Silver prices in the local market, however, remained stable at Rs2,900 per tola.
Market analysts attribute the rise in gold prices to various factors, including fluctuations in the international market, currency exchange rates, and economic conditions. The continued increase in gold prices may influence investment decisions and consumer behaviour in the coming days.
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Highest Price Recorded:
The price of gold in Pakistan has reached an all-time high, with 24-karat gold prices rising to Rs254,000 per tola and 10-gram 24-karat gold prices reaching Rs217,764 ¹.
Reasons for the Surge:
The surge in gold prices is attributed to various factors, including the possibility of the US central bank slashing interest rates and the influence of Donald Trump’s possible victory in the US elections ¹.
Impact on the Market:
The increase in gold prices has led to a significant demand for raw gold, with investors seeking a safe-haven asset amid economic uncertainty and political turmoil in the country ².
Global Gold Market:
The international gold market has also shown an increasing trend, with the global rate standing at $2,470 per ounce, marking a $60 decrease on Monday ¹.
Silver Prices:
Silver prices in the local market have remained stable at Rs2,900 per tola ¹.
Economic Uncertainty:
The economic uncertainty in the country, high inflation, and devaluation have collectively affected gold retailers, leading to a decline in jewelry sales ².
Safe-Haven Asset:
Gold is considered a safe-haven asset, and investors are seeking it amid political and economic uncertainty in the country ³.
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