Gold prices in Pakistan have been experiencing steady growth as it has gone up by 4,700 rupees in just 3 days span. This increase followed a little decline at the start of the week, with prices of precious metals rebounded strongly, reflecting a global trend of rising gold prices.
As per the reports of Sarafa Jewelers:
- 24-karat gold was selling at 282,200 but now it has increased by Rs 400 per tola, and now the cost per tola is Rs 282,600.
- Likely, the price of 10 grams of 24-karat gold has also soared by Rs 342, reaching Rs 242,283 from Rs 241,941.
- The price of 22-karat gold also increased, with 10 grams being sold at Rs 222,100, up from Rs 221,787.
Global Context
The gold rally in Pakistan mirrors a slight uptick in international markets. The price of gold in the global market increased by $2 yesterday, reaching $2,705 per ounce from $2,703 the day before. This followed a $13 increase on the 15th of January when gold prices rose to $2,703 from $2,690.
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There are various causes behind the incessant gold price hike, such as currency exchange rates and demand-supply dynamics, as well as global economic conditions. Investors invest in gold as a safe-haven asset when they feel economically uncertain, further driving up prices.
Public Impact
Constantly gold rate is rising upward, and it is posing a massive implication for both businesses and buyers in Pakistan. For those buyers, who want to purchase gold for weddings the rising prices pose severe financial challenges for them. For jewelers and traders, the upward trend may boost revenue but could also deter some buyers, reducing overall market activity.