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Gold climbs both locally and globally

Gold prices moved up in Pakistan on Tuesday (March 6), reaching Rs 223,900 per Tola, has certainly made waves in both local and international markets. The remarkable rally reflects not only the dynamics within Pakistan but also the broader global trends in precious metal markets.

The price of per tola 24 karat gold increased by Rs2,700 and was sold at Rs223,900. The price of 10 grams of 24 karat gold also increased by Rs 2,315 to Rs191,958 whereas the prices of 10 gram 22 karat gold went up to Rs175,962, reported by All Sindh Sarafa Jewellers Association.

The significant increase in local gold prices can be attributed to several factors, including the rise in international gold markets. With the global price of gold reaching $2,135 per ounce, up $29 from the previous day, it’s evident that global trends have a direct impact on domestic rates.

Analysts have pointed to various reasons driving this surge, such as geopolitical tensions, economic uncertainties, and inflation concerns. Gold traditionally serves as a safe-haven asset during times of volatility, and investors often turn to it as a hedge against inflation. The recent rally is indicative of growing concerns about inflationary pressures both globally and within Pakistan.

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