Gold prices in Pakistan witnessed a sharp recovery on Wednesday, just a day after experiencing a massive decline in the domestic market. According to the All Pakistan Gems and Jewellers Association, the per tola price of Gold surged by Rs3,500, reaching Rs419,862. Similarly, the rate for 10 grams increased by Rs3,000, settling at Rs359,963.
The precious metal also showed strength in the international market. The per-ounce price of Gold rose by $35, bringing it to $3,975. This global upward trend has contributed to the local price recovery, offering some relief to investors who saw a steep drop earlier in the week.
In addition to gold, silver prices also recorded an increase in the local market. The per tola rate climbed by Rs110, closing at Rs5,034. This rise reflects a broader shift in precious metals as global demand shows signs of improvement.
Just a day earlier, gold prices in Pakistan had dropped sharply. The per tola price fell by Rs14,000 to Rs416,362, while the 10-gram rate declined by Rs12,003 to Rs356,963 from Rs368,966.
Market experts say that the current fluctuations in gold prices are largely linked to movements in the international bullion market. Investors are responding cautiously to ongoing global uncertainties, which include economic instability and shifting currency trends.
Analysts believe that such volatility in gold prices may continue as global markets adjust to economic and political developments. However, they note that gold remains a preferred investment choice during uncertain times, offering a safe hedge against inflation and market risks.
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With these recent changes, traders and investors in Pakistan are keeping a close watch on both local and international developments that could influence future Gold prices.
