Gold Prices Surge to Rs353,100 in Pakistan
The increase in gold prices is driven by the weakening US dollar and growing investor appetite for safe-haven assets, with the international gold market rising over 2% and the Pakistani rupee gaining 5 paisas against the US dollar, resulting in a new price of Rs353,100 per tola for 24-karat purity.
Gold prices in Pakistan experienced a significant surge, increasing by Rs5,900 per tola to reach Rs353,100, driven by a weakening US dollar and growing investor appetite for safe-haven assets amid escalating geopolitical tensions and global economic uncertainty.
The international gold market also witnessed a rise of over 2%, with gold prices fluctuating between $3,301 and $3,377. This increase in the international market contributed to the surge in gold prices in Pakistan. The Pakistani rupee gained 5 paisas against the US dollar in the interbank market, reaching 281.97.
The price of 10-gram gold also increased to Rs302,726, up by Rs5,058. Analysts attribute the rally to renewed investor interest in safe-haven assets amid global economic uncertainties. The surge in gold prices is a significant development, reflecting the ongoing economic trends and investor sentiment.
Meanwhile, silver prices remained unchanged at Rs3,456 per tola and Rs2,962 per 10 grams, despite the sharp rise in gold rates. The stability in silver prices is notable, given the fluctuations in the gold market. The international rate of gold also gained, with the rate at $3,347 per ounce, an increase of $59.
The surge in gold prices in Pakistan is a reflection of the global economic trends and investor sentiment. As the economic uncertainty continues, it is likely that gold prices will remain volatile, influenced by the fluctuations in the international market and the value of the Pakistani rupee against the US dollar.