Gold price in Pakistan increased on Friday, with 24-karat gold (99.9% pure) being sold at Rs 276,900 per tola, up Rs 2,200, compared to Rs. 273,600 the previous day.
Similarly, 24-karat gold per 10-gram was sold at Rs 237,397 after a gain of Rs 1,886, according to rates shared by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
The price of 22-karat gold was also quoted higher at Rs 217,614 per 10-gram.
International trends can be reflected in the increase in Gold Prices, where the price of gold increased by 18 dollars, climbing to $2,645 per ounce in comparison to $2,628 per ounce on Tuesday.
Gold is considered to be one of the most universally revered precious metals, with a history of being a trusted store of wealth and a key asset in global economies. Its value is derived from its rarity, durability, and universal appeal, making it a key pillar to put the country, institutions, and masses to boost their economic stability.
When economic uncertainty hits, gold is often viewed as a safe-haven asset, helping individuals and institutions protect their wealth against rising inflation and currency devaluation.
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Central banks for example state Bank of Pakistan, the Federal Reserve, and other banks coming from the list of central banks all over the world are busy maintaining significant gold reserves, trying to capitalize on their significant value to diversify their portfolios. Moreover, the central banks are also leveraging it to serve as a hedge against economic volatility. Similarly, investors turn to gold to safeguard their investments during periods of financial instability.
Moreover, gold holds immense importance in the jewelry and luxury goods industries. Due to its captivating allure and short supply is further escalating its demand rate in crafting exquisite ornaments, high-end accessories, and wedding jewelry. This demand proves to be stimulating economic activity across the mining, manufacturing, and retail sectors, creating jobs and contributing to global commerce.
Recently, the hike seen in gold prices depicts its ongoing significance both as a haven financial asset and a symbol of luxury. For both customers and investors alike, the fluctuations in gold rates act as a reminder of their lasting significance in balancing risk and preserving wealth in an ever-changing economic landscape.