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Gold prices climb amid global volatility


The price of 24 karat gold per tola has experienced an increase of Rs1,200 in the local market, reaching Rs229,400 on Tuesday (March 26), compared to its previous sale at Rs228,200. This rise reflects the ongoing volatility in global markets, where the international price of gold saw an increase of $6, reaching $2,193 per ounce.

Bullion experts attribute this sudden uptick in domestic gold prices to the recent movements in the global market. The international price of gold experienced an increase of $6, reaching $2,193 per ounce from the previous day’s closing of $2,187.

According to the All Sindh Sarafa Jewellers Association, the price of 10 grams of 24 karat gold also rose by Rs1,029 to Rs196,674 from Rs195,645, while the price of 10 grams of 22 karat gold increased to Rs180,284 from Rs179,341. The prices of per tola and ten-gram silver remained constant at Rs2,580 and Rs2,211.93, respectively.

The surge in gold prices globally is likely influenced by various factors, including geopolitical tensions, economic uncertainties, and fluctuations in currency values.

The current environment of economic uncertainty, fueled by geopolitical tensions and ongoing market volatility, has bolstered investor appetite for safe-haven assets like gold. This increased demand has translated into higher prices both domestically and internationally.

In addition to global factors, domestic conditions such as supply chain disruptions, changes in government policies, and fluctuations in currency values can also impact gold prices in Pakistan. However, the primary driver of the recent surge appears to be the broader trends in the global market, according to some market analysts.

Looking ahead, market analysts will continue to monitor global economic indicators, geopolitical developments, and central bank policies for insights into the future direction of gold prices. In the meantime, investors in Pakistan and around the world remain vigilant as they navigate the dynamic landscape of the precious metals market.

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