Gold price surge in Pakistan have recently surged to record levels, driven by expectations of changes in US interest rates. This article examines the reasons behind this dramatic increase and its implications for the market.
Record High Gold Prices in Pakistan
Record gold price surge in Pakistan have reached an all-time high, largely due to recent statements from US Federal Reserve Chair Jerome Powell. Powell’s hints at potential interest rate cuts have significantly impacted gold prices.
Global and Domestic Price Movements
The 24-karat gold price has risen by Rs2,400, now standing at Rs257,300 per tola. On a global scale, spot gold has approached $2,460 an ounce, marking a 3% increase this week. These movements highlight a strong upward trend in gold values.
Impact on Domestic Gold Market
In Pakistan, the price of 24-karat gold has surged by Rs37,300 per tola, reflecting a 17% increase this year. This rise is notable when compared to the 24.5% gain in Pakistan’s key stock index during the same period.
Latest Market Reports
The Karachi Sarafa Association reports that the price of 24-karat gold has increased to Rs220,593 per 10 grams, marking a rise of Rs2,057. Additionally, 22-karat gold is quoted at Rs202,210 per 10-gram.
Silver Price Stability
In contrast to gold, silver prices have remained stable. The 24-karat silver is priced at Rs2,900 per tola and Rs2,486 per 10-gram, showing no significant change.
Price Summary Overview
| PKR (24-karat per tola) | Aug 02, 2024 | Aug 01, 2024 | DoD | 1 Month | FYTD | CYTD |
|---|---|---|---|---|---|---|
| Gold | 257,300 | 254,900 | 2,400 | 15,000 | 15,600 | 37,300 |
| Silver | 2,900 | 2,900 | 0 | 50 | 50 | 220 |
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The recent surge in gold prices in Pakistan reflects both global financial trends and local market conditions. For ongoing updates and detailed analysis, visit Daily Gold Signal and explore the Daily Gold Update.
