Gold Prices in Pakistan experienced a rise for the second consecutive day on Friday, reaching a closing value of Rs. 223,400 per tola. This information was disclosed by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). The price of 24-carat gold increased by Rs. 2,700 per tola, resulting in a value of Rs. 223,400. Similarly, the price of 10 grams of gold rose by Rs. 2,315, closing at Rs. 191,530.
Fluctuations in Gold Prices in pakistan throughout the Week
The price of gold had risen by Rs. 1,700 per tola the day before. However, during the first three days of the week, the price experienced a decline. On Monday, it went down by Rs. 1,750 per tola, followed by a decrease of Rs. 4,000 per tola on Tuesday, and a further decline of Rs. 2,500 per tola on Wednesday.
Weekly Gold Prices in pakistan Trends
Although there was an increase in gold price on Thursday and Friday, the cumulative price trend for the current week shows a decrease of Rs. 3,850 per tola. This indicates that the price of gold has decreased overall during the course of the week.
International Market Performance
In the international market, spot gold demonstrated a 0.5 percent gain, reaching $1,967.29 per ounce at 1217 GMT. Similarly, US gold futures exhibited a 0.4 percent increase, reaching $1,978.20.
Conclusion
In conclusion, the gold prices in pakistan has experienced a notable increase for the second consecutive day. This upward trend suggests growing investor interest and confidence in gold as a safe-haven asset. Several factors may have contributed to this surge, including economic uncertainties, geopolitical tensions, and inflation concerns.
Gold has long been considered a reliable store of value during times of economic instability. Investors often turn to gold as a hedge against inflation and currency fluctuations, seeking to preserve their wealth and diversify their portfolios. The consecutive rise in gold prices indicates a prevailing sentiment among investors that the global economic landscape is uncertain, prompting them to seek refuge in a tangible asset like gold.