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Gold prices surge to all-time high in Pakistan

Gold prices in Pakistan soared to a record high on Wednesday (March 6), reaching an unprecedented Rs225,400 per Tola mark in local markets. This surge mirrors a global trend, as international markets also experienced a significant increase in the value of the precious metal.

The price of 24-karat gold per Tola witnessed a substantial rise, climbing by Rs1,500 from the previous day’s closing of Rs223,900. Similarly, the price of 24-karat gold per 10 grams saw an increase of Rs1,286, closing at Rs193,244 compared to the previous day’s Rs191,958 in domestic markets.

Analysts in the bullion market attribute this surge in gold prices to the robust performance of the precious metal in international markets. The global gold market experienced a notable jump, with prices soaring by $13 to settle at $2,148 per ounce, surpassing the previous day’s closing figure of $2,135.

Several factors have contributed to the upward movement in gold prices in international markets. Geopolitical tensions, economic uncertainties, and inflationary concerns have all played a role in driving investors towards safe-haven assets, with gold being a preferred choice.

As tensions persist globally and economic uncertainties continue, investors seek refuge in assets that traditionally retain their value during turbulent times. Gold, known for its intrinsic value and historical resilience, has become a go-to investment for those looking to hedge against economic uncertainties.

The local gold market in Pakistan is not isolated from these global dynamics, and the rising prices have implications for consumers, traders, and the overall economy. While investors holding gold may see gains in their portfolios, consumers purchasing jewelry or other gold-related products may experience increased costs.

Market experts closely monitor the situation, emphasising the need for investors and consumers alike to stay informed about evolving trends in the gold market. The volatility in global economic conditions and geopolitical landscapes can influence gold prices in the short and long term, making it essential for stakeholders to make informed decisions, said the market experts.

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