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The gold market in Pakistan experienced a modest uptick on Thursday (February 22), with the price per tola of 24-karat gold reaching Rs215,300, reflecting a slight increase in international markets.

The price of per tola 24-karat gold increased by Rs100 and was sold at Rs215,300 against Rs215,200 on day earlier. The price of 10 grams of 24-karat gold also increased by Rs85 to Rs 184,585 from Rs184,500 whereas the prices of 10 gram 22 karat gold went up to Rs169,203 from Rs169,124, the All Sindh Sarafa Jewellers Association reported.

The price of per tola and ten-gram silver remained constant at Rs2,570 and Rs 2,203.36 respectively.
The price of gold in the international market increased by $3 to $2,051 from $2,048, the Association reported.
Analysts attribute this increase to various factors, including ongoing geopolitical tensions, financial market uncertainties, and inflation concerns, which have bolstered gold’s status as a safe-haven asset. The current economic landscape, characterized by fluctuating currency values and global economic uncertainties, further enhances gold’s appeal among investors seeking stability.

However, while the rise in gold prices is favourable for investors in the precious metal, it presents challenges for industries reliant on gold, such as jewelry manufacturers, who may face higher production costs and pricing pressures.

Given the significant role of the Karachi gold market in Pakistan’s economy, fluctuations in gold prices are closely monitored by investors, traders, and policymakers. Market participants are advised to remain vigilant and informed about global economic indicators, central bank policies, and geopolitical developments that could influence gold prices in the future.