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Modest increase witnessed in the prices of gold as per tola 24 karat gold increased by Rs 150 and was sold at Rs 214,450 on Tuesday (February 20) against Rs 214,300 day earlier trade.

According to reports stable global rates failed to deter local factors influencing the precious metal market.
The price of 10 grams of 24 karat gold also increased by Rs 128 to Rs 183,856 whereas the prices of 10 gram 22 karat gold went up to Rs 168,535, the All Sindh Sarafa Jewellers Association reported.

The price of per tola silver increased by Rs 20 to Rs 2,570 whereas that of and ten gram silver went up by Rs 17.15 to Rs 2,203.36.

The price of gold in the international market remained stagnant at $2,042, the Association reported.

Despite global gold prices remaining steady, with the precious metal holding firm at $2,042 per ounce in the international markets, analysts in the local bullion markets attribute the marginal change in prices to specific factors within Pakistan.

The factors contributing to the local fluctuations in gold prices could be multifaceted. Local demand, economic conditions, and geopolitical factors often play a crucial role in shaping the prices of precious metals within a specific region. While international markets continue to provide a benchmark, regional dynamics can lead to divergences.

Analysts are closely monitoring the domestic economic landscape to better understand the nuances influencing the gold market in Pakistan. It is worth noting that the global gold market has been relatively stable, with investors closely watching economic indicators, inflation rates, and central bank policies for potential impact on the precious metal.

Investors and traders in Pakistan are advised to stay vigilant and keep a keen eye on both local and global factors affecting gold prices. The uncertainty and volatility in global financial markets can have a ripple effect on commodities, making it imperative for market participants to stay informed and make strategic decisions.