Gold price in Pakistan have seen an increase, with 24-karat gold now priced at Rs283,700 per tola, up by Rs700. This change reflects the influence of both domestic demand and international market trends.
Global Market Gold Prices
Internationally, gold is trading at $2,740 per ounce, a minor rise of $1.6 or 0.06% from the last session. This global rate shift affects local prices in Pakistan, showing how interconnected the markets are.
Political Factors Impacting Gold Prices
According to a Bloomberg MLIV Pulse survey, gold prices could shift based on U.S. political outcomes. If Donald Trump wins the presidency, gold prices may continue to rise. However, if Kamala Harris takes office, a decrease in gold prices might occur, reflecting political influences on the market.
Domestic Gold Price Update
The Karachi Sarafa Association reports 24-karat gold at Rs243,227 per 10 grams, up by Rs600. Similarly, 22-karat gold is priced higher, now at Rs222,958 per 10 grams. These prices highlight the strong demand for gold in Pakistan.
Silver Prices Remain Stable
Unlike gold, silver price in Pakistan remain steady. The price for 24-karat silver stays at Rs3,430 per tola and Rs2,941 per 10 grams, showing no change from previous rates. This stability in silver prices contrasts with the current fluctuation in gold.
Factors Driving Gold Demand in Pakistan
Several factors contribute to the high demand for gold in Pakistan, including its cultural significance and investment appeal. Gold is highly valued for its role in weddings, family heirlooms, and as a reliable investment. Many Pakistanis purchase gold as a hedge against inflation, which has been a growing concern given the fluctuating economy. Furthermore, gold retains its value and is less impacted by currency devaluation, making it an appealing option for long-term financial security. This demand has pushed prices higher in the local market, especially with the added pressure of rising international prices.
The recent rise in gold prices in Pakistan reflects ongoing changes in both the global and local markets. For further updates on gold and silver prices, you can explore Daily Gold Signal and their regular daily updates.
