Gold Rates Hit Record High Amidst Global Demand
The surge in gold prices is driven by a combination of factors, including economic instability, geo-political tensions, and increasing global demand, with market analysts predicting that prices may continue to rise in the future, making gold a lucrative investment opportunity.
Gold prices in both international and local markets surged to new record highs, driven by sustained global demand, inflation concerns, and government purchases, with the price of 24-carat gold in Pakistan's local market reaching a record Rs320,800 per tola.
The international bullion market saw gold prices per ounce reach $3,050, a new all-time high, while in Pakistan, the price of 10 grams of 24-carat gold rose by Rs1,543, setting a new high at Rs275,034. Market analysts attribute the rising gold prices to economic instability and increasing global interest in gold as a hedge against inflation.
The local market is also experiencing a lull due to the upcoming marriage season, with many buyers opting for lightweight jewelry sets. However, the rise in gold prices has been attributed to geo-political tensions, including the US strike at Yemen's Houthis and the killing of over 400 Palestinians in the Israeli strike.
APSGJA President Muhammad Qasim Shikarpuri stated that the world gold rate may range between $3,200-3,300 in the future but may see some downward correction. The increase in gold prices has been a trend in recent years, with gold prices in Pakistan surging to a record high of Rs319,000 per tola on March 20, 2023.
As the global economy continues to face uncertainty, it is likely that gold prices will remain high, driven by demand for the precious metal as a safe-haven asset. The rising gold rates are expected to impact the local market, with buyers and investors closely watching the prices in the coming days.