ISLAMABAD (Kashmir English): On Wednesday, gold prices in Pakistan experienced a significant increase when they rose by Rs. 11,100 per tola because local bullion markets responded to the higher international gold prices and ongoing worldwide economic instability.
The All Pakistan Gems and Jewellers Association (APGJSA) reported that 24-karat gold reached a price of Rs. 488,962 per tola, which became one of the largest single-day price increases seen during recent weeks.
The domestic gold market saw a price increase of Rs. 9,517 for 10 grams of gold, which brought its total price to Rs. 419,206. International bullion markets experienced strong upward momentum, which resulted in gold prices increasing by $111 per ounce to reach global rates of approximately $4,666 per ounce.
Market analysts attribute the latest gold price increase to investors returning to safe assets because of several worldwide factors. The two factors that drive investor uncertainty include active geopolitical conflicts in the Middle East and the ongoing fluctuations in the US dollar value, which affect global commodity markets.
Financial markets face additional uncertainty because of expectations that the US Federal Reserve’s interest rate policy will undergo potential changes.
The continuous and robust gold purchasing activities of central banks throughout the world contribute to the ongoing increase in bullion prices.
