Gold Price Sees Significant Surge in Local and Global Markets

The gold price upward trend continues to make headlines both locally and internationally, reflecting investor confidence and shifting economic patterns. Whether you’re an investor, jeweller, or simply tracking market trends, the recent surge in gold and silver prices is a key financial development worth noting.

Local Gold Prices Witness Sharp Increase

In Pakistan, the gold market has seen a notable jump. The price of 24-karat gold per tola surged by a significant Rs6,600, now standing at Rs356,800, compared to the previous trading day’s rate of Rs350,200. Similarly, 10 grams of 24-karat gold have risen by Rs5,658 to reach Rs305,898, showcasing a robust gain.

Even 22-karat gold, which is commonly used in jewellery, didn’t fall behind. It now costs Rs280,416 per 10 grams, marking an increase of Rs5,186 from Rs275,230. These price movements are driven by a mix of international demand, currency fluctuations, and economic sentiment within the country.

Silver Also Gains Momentum

Silver, often the less-highlighted precious metal, is also on the rise. In local markets:

• Per tola silver increased by Rs52 to settle at Rs3,834.
• 10 grams of silver went up by Rs45, now priced at Rs3,287.

This parallel surge in both gold and silver suggests an overall boost in the precious metals sector, indicating positive investor sentiment and increased buying activity.

International Market Update

On the global front, gold prices experienced a sharp rise. The price of gold per ounce climbed by $66, reaching $3,348. This significant rise is attributed to geopolitical uncertainties, inflationary pressures, and a weakened dollar index, which often make gold a safe haven asset.

Silver followed suit with an international increase of $0.52, bringing the total to $35.50 per ounce. This increase supports the broader global trend of renewed interest in precious metals as a hedge against economic instability.

Earlier Week Movement Sets the Pace

To put things into perspective, even earlier in the week, gold had shown signs of an upward trend. On Monday, 24-karat gold per tola increased by Rs800, reaching Rs350,200, while the 10-gram rate climbed by Rs686, settling at Rs300,240. This steady growth paved the way for the more significant spike seen in the following days.

What’s Driving the Surge?

Several factors are contributing to the gold price upward trend:

• Global economic uncertainty, especially inflation concerns.
• Increased demand for gold as a safe investment.
• Currency fluctuations and weakening of the Pakistani Rupee.
• International gold trading trends, which directly impact local markets.

For buyers and investors, this is both an opportunity and a signal. Those holding gold may benefit from the rising prices, while potential investors may consider entering cautiously or awaiting stabilization.