This week, the gold market in Pakistan witnessed its third price hike, marking a notable trend in the precious metal’s value. On Thursday, gold prices surged by Rs. 900 per tola, reaching a new high of Rs. 215,700, as reported by the Karachi Sarafa Association.
The rise didn’t stop there; the cost of 10 grams of gold also went up by Rs. 772, setting the price at Rs. 184,928. This increase comes after a significant drop of Rs. 1,100 per tola on Wednesday. Earlier in the week, gold prices had experienced a rise of Rs. 700 per tola on Monday and a slight increment of Rs. 100 per tola on Tuesday, illustrating a rollercoaster of fluctuations in the market, except Wednesday’s dip.
While local gold prices showed volatility, the international gold market remained relatively steady. As of 1058 GMT, spot gold prices were largely unchanged at $2,030.62 per ounce. Meanwhile, US gold futures saw a minor decline of 0.2 percent, coming in at $2,038.80.
This week’s movements in gold prices are a reflection of the dynamic nature of the market, influenced by a variety of factors including economic indicators and market sentiment. Investors and buyers in Pakistan are keeping a close eye on these changes, as gold continues to be a favored investment and a traditional store of value.