Local Gold Rates See Significant Rise
Gold prices in Pakistan witnessed a sharp increase on Thursday, with both per tola and 10-gram rates jumping significantly. The price of one tola of gold rose by Rs3,400, reaching Rs469,562.
Meanwhile, the cost of 10 grams of gold climbed by Rs2,915, closing at Rs402,573. Market analysts attribute the rise to strong domestic demand coupled with volatility in international gold prices. Traders are also closely monitoring global cues that impact local rates.
International Gold Markets Push Prices Higher
Globally, gold prices also surged amid rising investor interest in safe-haven assets. The international gold rate increased by $34, closing at $4,472 per ounce. Analysts note that uncertainties in global markets, including inflation fears and currency fluctuations, have driven investors toward gold, boosting demand.
The ongoing economic uncertainties worldwide, including geopolitical tensions and financial market instability, are contributing factors to the rising prices. Experts predict that gold may continue its upward trend if global demand remains strong and international rates fluctuate further.
Market Reactions and Investor Sentiment
Local jewelers and investors reacted to the price increase with caution. Many are adjusting rates for customers immediately, while others are holding back on purchases in anticipation of further rises.
Financial advisors suggest that gold remains a safe investment in times of economic uncertainty. With both local and international rates climbing, many investors are considering gold as a hedge against inflation and currency depreciation.
Market watchers also highlight that fluctuations in the US dollar and international gold trading hubs directly affect domestic rates. As global demand increases, the ripple effect is clearly visible in Pakistan’s gold market.
