Gold prices in Pakistan surged on Saturday, April 6, 2024, with the rate for 24-carat gold hitting Rs245,100 per tola, representing an increase of Rs4,900 from the previous day. Similarly, the price for 10 grams of gold rose to Rs210,134, marking a Rs4,200 jump.
This increase in gold prices is reflective of the global trend, as internationally, the precious metal saw a $44 rise to settle at $2,350 per ounce, with a $20 premium in the Pakistani market.
While the price of gold increased, silver rates remained stable in Pakistan, with the 24kt silver price staying at Rs2,650 per tola and Rs2,272 for 10 grams.
The fluctuation in gold prices is influenced by various factors such as demand and supply, international rates, the strength of the US dollar against the Pakistani rupee, interest rates, and investor behavior, among others. Additionally, the rates of gold and silver are determined by the respective Sarafa associations in the cities.
The demand for gold in Pakistan is closely tied to economic uncertainty and the devaluation of the rupee. As a safe-haven asset, gold attracts investors during times of instability, leading to price surges in the market.
Despite the volatility in the bullion market, gold remains a symbol of wealth and a store of value that has been valued for centuries across cultures. As the market continues to fluctuate, investors and consumers alike keep a close eye on the ever-changing prices of this precious metal.
