KARACHI – Gold prices rose sharply on Wednesday in both international and local markets as investors turned to the precious metal amid global economic uncertainties.
In the international market, gold surged by $79, reaching $4,092 per ounce. This follows a recent dip, when prices fell by $70 to $4,013 per ounce a day earlier.
Locally, the price of one tola (11.66 grams) of gold increased by Rs7,900, reaching Rs431,562 per tola. Similarly, the price of 10 grams of gold jumped by Rs6,773, climbing to Rs369,995. Traders welcomed the rebound after a previous decline of Rs7,000 in the local market.
Experts attribute the volatility in gold prices to global factors such as currency fluctuations, changes in investor sentiment, and economic uncertainties. Many investors consider gold a safe-haven asset during times of financial instability.
Silver prices also saw an uptick, with one tola rising by Rs177 to reach Rs5,422. Analysts believe that trends in gold prices often influence other commodities, including silver and precious metals, in Pakistan’s market.
Market observers note that fluctuations in gold prices are likely to continue as international markets respond to economic reports, interest rate changes, and geopolitical developments. Investors are closely monitoring the market for potential opportunities and risks.
Local jewelers reported increased demand as consumers try to invest before prices rise further. “Gold prices are very volatile right now, but demand remains strong due to economic uncertainties,” said a Karachi-based dealer.
In other news read more about Gold Prices Drop Sharply by Rs7,000 per Tola in Pakistan; Check Latest Rate
With ongoing global economic challenges, analysts expect that gold prices will continue to be a key focus for traders and investors in Pakistan and worldwide.
