Gold price hike in Pakistan occurred on Friday. The price of 24-karat gold reached Rs244,400 per tola, marking an increase of Rs1,100 per tola.
Impact on Buying Power
Due to a reduction in purchasing power, the gold price hike in Pakistan has been kept significantly lower by Rs3,000 than its actual cost.
Karachi Sarafa Association Report
The Karachi Sarafa Association reported the price of 24-karat gold at Rs209,534 per 10 grams, an increase of Rs944. The price of 22-karat gold also increased to Rs192,072 per 10 grams.
Silver Prices
Silver prices remained unchanged. The price of 24-karat silver was Rs2,850 per tola and Rs2,443 per 10 grams.
Global Gold Market
On the global front, spot gold traded near $2,363 an ounce, an increase of $6.8 or 0.29% from the previous session.
Factors Influencing Gold Prices
Several factors contribute to the recent gold price hike in Pakistan:
- Economic Policies: Changes in government policies and regulations can impact gold prices.
- Inflation Rates: Higher inflation often leads to an increase in gold prices as people turn to gold as a hedge against inflation.
- Currency Fluctuations: The value of the Pakistani Rupee against other currencies can affect gold prices.
- Global Market Trends: International gold prices and market trends significantly influence local prices.
Investment Opportunities
For investors, the gold price hike in Pakistan presents both opportunities and challenges. While higher prices may deter some buyers, others may see it as a safe investment amid economic uncertainty. Understanding the market dynamics and staying informed can help investors make better decisions.
Price Changes (24-karat per tola)
| Date | Gold Price | Silver Price | Gold Change | Silver Change |
|---|---|---|---|---|
| Jul 05, 2024 | 244,400 | 2,850 | 1,100 | 0 |
| Jul 04, 2024 | 243,300 | 2,850 | 1,400 | 50 |
For more updates on gold prices, visit our Daily Gold Signal website. Check the Daily Gold Update for comprehensive gold price trends.
