Gold prices in Pakistan saw a sharp increase, with 24-karat gold rising by Rs.2,300 per tola, reaching Rs.288,700 on Wednesday. This surge follows global trends, where gold continues to act as a safe-haven asset amid economic uncertainty.
Gold Rates Increase Across Markets
The price of 10 grams of 24-karat gold also rose by Rs.1,972, reaching Rs.247,513, while 22-karat gold climbed to Rs.226,895 per 10 grams. Meanwhile, silver prices followed a similar trend, with per tola silver increasing by Rs.28 to Rs.3,391 and 10 grams of silver rising by Rs.24 to Rs.2,907.
On the international market, gold prices jumped by $22, reaching $2,763 per ounce, reflecting growing demand amid economic and geopolitical concerns.
Read: SBP Cuts Policy Rate by 100 Basis Points to 12%
Gold Prices in Saudi Arabia Also Climb
In Saudi Arabia, gold rates mirrored the global rise. The price of 24-karat gold per tola reached 3,876 Saudi Riyals (SAR), while 10 grams of gold was sold at SAR 3,327. An ounce of gold stood at SAR 10,347, further indicating strong demand.
Why Gold Prices Are Rising
Gold remains one of the most valuable and sought-after precious metals worldwide. Its scarcity, durability, and role as a store of value make it a crucial investment during economic instability. Investors, central banks, and individuals turn to gold as a hedge against inflation and currency fluctuations.
Several factors influence gold prices, including:
- Economic uncertainty: Fears of recession and financial instability push investors toward gold.
- Geopolitical tensions: Wars, conflicts, and political instability increase demand.
- Interest rates: Gold prices typically rise when interest rates are low, making yield-less assets more attractive.
Future Outlook
With growing global uncertainties, gold prices may continue their upward trend. Whether for investment or wealth preservation, gold remains a key asset in financial markets. Analysts suggest keeping an eye on central bank policies, inflation rates, and global economic conditions, as they will heavily impact future gold valuations.
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