In a significant market shift, the price of gold in Pakistan has surged by over Rs. 2,000 per tola. This increase brings the current price to Rs. 243,000 per tola, reflecting the broader trend in the international gold markets.
Recent Price Changes
According to the latest data from the Karachi Sarafa Association, the price of 24-carat gold rose by Rs. 2,400 per tola, reaching Rs. 240,600. Similarly, the price for 10 grams of gold saw an increase of Rs. 2,057, now priced at Rs. 208,333.
Market Dynamics
The Sarafa Association attributes the current gold pricing to a combination of factors, including a deliberate strategy to keep gold prices under cost by approximately Rs. 4,000. This decision is largely influenced by the declining purchasing power of consumers, aiming to make gold more accessible despite economic challenges.
Global Market Influence
Globally, gold prices have been on an upward trajectory, hitting a two-week high recently. The increase is partly due to signs of a cooling labor market in the United States, which has bolstered expectations for a potential rate cut by the Federal Reserve in September. As of the latest updates, spot gold has risen by 0.2 percent to $2,359.80 per ounce, while US gold futures have inched up by 0.1 percent to $2,378.80 per ounce.
Conclusion
The rise in gold prices within Pakistan mirrors global trends and economic sentiments, particularly those emanating from the US market. As international gold rates continue to fluctuate, local prices are expected to respond accordingly, impacting buyers and investors alike. For the latest updates and detailed insights, keep an eye on market reports and financial news.