Gold prices in Pakistan have surged again, marking an increase of Rs. 1,400 per tola. This brings the per tola rate of gold in the local market to Rs. 271,900, reflecting the broader trend of rising precious metal prices worldwide.
The international gold market has also seen a price rise. The rate per ounce increased by $14, setting the global price at $2,607 per ounce. This uptrend in the global market has influenced local prices, as Pakistan’s gold market aligns closely with international price movements.
Market Factors Impacting Gold Prices
Experts attribute the spike in gold prices to multiple economic factors, including ongoing inflationary pressures and a high demand for safe-haven investments. As investors seek to safeguard their wealth against economic uncertainties, gold prices have seen a steady increase both globally and locally.
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Local Jewelers Concerned Over Declining Sales
The steady increase in gold prices has created challenges for local jewelers. Rising costs have affected consumer buying power, leading to a noticeable dip in jewelry sales. Many jewelers worry that prolonged high prices may continue to impact sales, especially as the wedding season approaches, a traditionally strong period for gold purchases.
Gold’s Appeal
Despite these rising costs, gold remains a popular investment choice. Economic instability and fluctuations in currency value have boosted gold’s appeal as a secure store of value. In times of uncertainty, both local and global markets typically witness a rise in gold investments, further pushing up the prices.
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