KARACHI (Kashmir English): A significant rise in the price of gold has been recorded in the country for the third consecutive day.
According to the All Pakistan Gems and Jewellers Association, on the last day of the business week, the price of gold per tola rose by Rs1,100, reaching Rs442,036.
Similarly, the price of 10 grams of gold increased by Rs943, bringing it to Rs378,974.
Yesterday, the price of gold per tola increased by Rs5,900, while the day before—October 8—it had risen by Rs600.
It is worth noting that various factors influence gold prices at both domestic and international levels; these include fluctuations in the value of the US dollar, uncertainty regarding the global economic situation, geopolitical tensions, and investor sentiment.
Amidst global economic and political uncertainty, investors view gold as a safe-haven asset. Rising demand for gold in such conditions can drive up its global price, whereas a reduction in uncertainty can exert downward pressure on prices.
In Pakistan, alongside the international market price of gold, the exchange rate between the rupee and the US dollar plays a crucial role in determining gold prices in the local bullion market.
