Gold prices in Pakistan remained steady on Monday, with the rate for 24 carat gold standing at Rs239,400 per tola and Rs205,247 per 10 grams. The price of silver, on the other hand, was recorded at Rs2,750 per tola and Rs2,358 per 10 grams.
These rates are subject to slight changes in different cities across Pakistan, including Karachi, Lahore, Islamabad, Rawalpindi, Quetta, and Multan.
Internationally, the price of gold remained stable at $2,292 per ounce, with a $20 premium in the Pakistani market. The precious metal is known for its value as a safe-haven asset, especially in times of economic uncertainty.
The Sarafa associations in each city fix the gold and silver prices, with factors such as international market rates, rupee-dollar parity, and investor behavior influencing the local prices.
Gold is not just a symbol of wealth but also a traditional store of value across various cultures worldwide. Its prices can fluctuate due to various factors such as demand and supply dynamics, currency movements, interest rates, and economic conditions.
In Pakistan, where the bullion market remains volatile, predicting future gold rates can be challenging. The fluctuation in gold prices over the past year can be attributed to factors like currency devaluation and political uncertainties.
Despite the volatility, gold continues to be a sought-after investment option for many investors, with its value often increasing during times of economic downturns. Jewelry demand also plays a role in determining gold prices, although it is not as significant as other factors influencing the market.
