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The surge in gold prices by Rs 1,100 in Pakistan on February 19, 2024, reflects a broader global trend driven by geopolitical tensions, economic uncertainties, and increased demand from institutional investors.

The per tola price of 24 karat gold increased by Rs 1,100 and was sold at Rs 214,300.

The price of 10 grams of 24 karat gold also increased by Rs 943 to Rs 183,728 whereas the prices of 10 gram 22 karat gold went up to Rs 168,417 from Rs 167,553, the All Sindh Sarafa Jewellers Association reported.

The price of per tola and ten gram silver remained stagnant at Rs 2,550 and Rs 2,186.21 respectively.

The price of gold in the international market increased by $8 to $2,042 from $.2,034, the Association reported.

In Pakistan, the local bullion markets experienced a notable increase in demand, leading to gold prices rising to Rs 214,300 per tola for 24-karat gold and Rs 183,728 per 10 grams. This uptrend mirrors the positive movement in international markets, where gold gained $8 to settle at $2,042 per ounce.

Analysts attribute the rise in gold prices to various factors, including escalating geopolitical tensions, economic uncertainties worldwide, and the appeal of gold as a safe-haven asset during times of market volatility. Investors seek refuge in gold due to its historical role as a store of value and its perceived stability amid uncertainty. Central banks and institutional investors are also increasing their investments in gold, further driving up prices.

As economic challenges persist globally, investors are likely to continue monitoring gold prices for signals of market sentiment and risk appetite.