Gold prices in Pakistan have witnessed a significant surge, reaching new heights amid global market fluctuations. This upward trend in the local market aligns closely with the movement of international gold rates, reflecting a combination of economic factors influencing the precious metal’s value.
Updated Gold Rates in Pakistan
On December 12, the price of 24-karat gold per tola rose by Rs2,300, bringing the cost to an unprecedented Rs282,800. Meanwhile, the 10-gram price increased by Rs1,971, reaching Rs242,455. This surge follows a notable hike just a day prior, when rates climbed by Rs3,100 per tola, illustrating the metal’s ongoing volatility.
The Sarafa Association attributes these soaring prices to shifts in international markets, where gold continues to gain value as a hedge against global uncertainties. With the Pakistani Rupee weakening against the U.S. Dollar, local prices have further spiked, amplifying the impact on consumers and investors alike.
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International Gold Trends
Globally, gold prices have climbed steadily, with the per-ounce rate increasing by $23 to settle at $2,716. The international market’s upward momentum is driven by several key factors:
- Geopolitical Tensions: Growing instability worldwide has bolstered demand for gold as a safe-haven asset.
- Economic Concerns: Slow economic recovery in major economies has led to increased investor reliance on gold.
- Fluctuating Interest Rates: Central banks’ monetary policies, particularly in the U.S., significantly influence gold prices, encouraging its growth when rates drop.
Silver Prices and Market Dynamics
In contrast, silver prices in Pakistan have remained unchanged at Rs3,450 per tola, despite the turbulence seen in the gold market. This stability highlights differing demand patterns and industrial use cases for silver compared to gold.
Impact on Consumers and Investors
For consumers, these rising gold prices are a double-edged sword. While the metal remains a popular investment choice, its affordability for everyday use, such as jewelry, continues to decline. Investors, however, view this surge as an opportunity, leveraging gold’s resilience during times of economic uncertainty.
