Gold rates continued their upward trend on Saturday, both locally and internationally, reflecting a rise in demand. The precious metal’s price has been on a steady rise in recent days, drawing attention from investors and traders alike.
Local Market Surge In the local market, the price of 24-carat gold increased by Rs1,600 per tola, pushing the rate to Rs275,500. Similarly, the price for 10 grams of gold saw a notable rise of Rs1,372, bringing the new price to Rs236,197.
This recent surge adds to the significant increase observed yesterday when gold prices per tola jumped by Rs2,700, reaching Rs273,900. The price for 10-gram gold also spiked by Rs2,315 to Rs234,825. The increase comes after a brief dip in prices on Thursday, when the rate per tola had decreased by Rs500, settling at Rs271,200.
Despite this fluctuation, the overall trend remains upward, with gold nearing its all-time high price of Rs277,000 per tola, recorded just last month. Many investors are turning to gold as a hedge against economic uncertainty, further driving up demand.
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International Market
International Market Performance In the international bullion market, gold also saw a price hike, rising by $16 per ounce. This brought the global rate to $2,656 per ounce. The international market has been reflecting similar trends as gold prices climbed by $27 on Friday, reaching $2,640 per ounce, including a $20 premium. This rise marks a continuation of the strong performance in the gold market.
The increase in gold prices is attributed to a variety of global factors, including geopolitical tensions, economic uncertainty, and fluctuating currency rates. Investors often turn to gold as a safe haven in times of economic instability, and the current climate has only fueled this trend.
Silver Remains Stable In contrast, silver prices have remained unchanged in Pakistan. The price per tola of silver stood firm at Rs3,050, while the price for 10 grams remained at Rs2,614.88. Silver’s stability provides a stark contrast to the fluctuating gold prices, suggesting that while gold is experiencing significant demand, silver remains relatively unaffected for now.
Continuous Rise
Outlook for the Future The continuous rise in gold prices raises questions about future trends. While there have been fluctuations, the general direction seems to be upward. Analysts are keeping a close eye on global economic developments, which will likely influence the market in the coming weeks.
The gold market remains volatile, with local and international prices climbing higher. As uncertainty looms in global financial markets, investors will likely continue to seek refuge in gold, sustaining the upward momentum. However, the stability of silver suggests that not all precious metals are experiencing the same pressures. Gold’s surge may continue, but the market remains unpredictable.
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