The gold prices in Pakistan increased by Rs 600 per tola on Wednesday Date 02-Oct-2024 after decreasing for two days of the week. The price of 24-carat gold reached Rs 275,500 per tola on Wednesday, said the All-Pakistan Gems and Jewellers Sarafa Association on its website.
Apart from the per tola increase, the 10-gram gold price also rallied. It surged by Rs 515 and touched at Rs 236,197. Anyway, the price had fallen by Rs 600 per tola on Tuesday as a result of which the local gold market had shown volatility along with being reactive in nature.
Global Perspectives
Whereby the local market is wavering, the international market in gold has also faced fluctuations of economic factors. The latest data placed spot gold at $2,652.62 per ounce, down by 0.4 percent. Generally, this decline in the international market is due to persistent economic uncertainties coupled with changes in interest rates, which impact the demand and pricing of gold. A
Key Drivers Affecting Local Prices
Global economic trends, rupee value against major currencies, and seasonal demands are a few factors that influence daily prices in Pakistan. Geopolitical incidents create ripples and feelings within the investor and thus change the market value of the yellow metal.
With the current inflation rates, many investors have recently diversified their portfolios in gold as a safe haven. In particular, in the current economic environment, many investors are looking for a hedge against the devaluation.
Forecast
Going forward, analysts say fluctuations are to continue in the gold market in Pakistan over the next couple of days. Local prices would be driven by the evolving international economic scenario, mainly influenced by the monetary policies of central banks.
Both investors and consumers need to keep their eyes on the ball and monitor current market sentiments. Since such prices are unpredictable, it would also do well for the short-term trader to watch for changes in international price movements and local demand conditions.
Conclusion
The recent hike in the rates of gold in Pakistan is just a temporary relief for the gold trading sector, as otherwise, the negatives were unfolding somewhere way back. As of now, the price stands at Rs 275,500 per tola market people should know about events at both the domestic and international forums. At this moment, a few economic factors need to be talked about about gold prices as such decisions are to be taken while keeping an eye on these factors.
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