The gold market in Pakistan experienced a significant surge with price of per tola 24 karat gold increased by Rs2,750 and was sold at Rs228,150 on Thursday (March 7) compared to its sale at Rs225,400 on the last trading day.
The price of 10 grams of 24 karat gold also increased by Rs2,358 to Rs195,602 from Rs193,244 whereas the prices of 10 gram 22 karat gold went up to Rs179,301 from Rs177,140, according to All Sindh Sarafa Jewellers Association report. The price of per tola and ten-gram silver remained constant at Rs2,600 and Rs2,229.08 respectively.
This upward trajectory in gold prices has sparked attention and speculation among investors and analysts alike.
Experts in the bullion market are attributing this sudden surge in gold prices to the global dynamics influencing precious metal markets. The rise in international gold prices has undoubtedly played a pivotal role in the recent uptick observed in Pakistan.
The gold market on the global stage experienced a commendable hike as well, with gold prices shooting up by $26 to settle at $2,174 per ounce. This marked a notable increase from the previous day’s closing figure of $2,148 in the international markets.
Analysts have identified several factors contributing to the surge in gold prices. Geopolitical tensions, economic uncertainties, and inflation fears have been driving investors toward safe-haven assets like gold. The ongoing conflict in certain regions, coupled with the evolving economic landscape, has prompted a flight to safety, with gold being a preferred choice for many investors looking to hedge against market volatility.