The gold price in Pakistan has gone up. On Friday, 24-karat gold was sold at Rs242,900 per tola, increasing by Rs1,600. This rise is due to various market factors and global economic conditions.
Local Market Trends
The Karachi Sarafa Association reported that the price of 24-karat gold increase to Rs208,248 per 10-gram, up by Rs1,372. The price of 22-karat gold also rose, reaching Rs190,894 per 10-gram. Silver prices stayed the same. The price of 24-karat silver was Rs2,750 per tola and Rs2,358 per 10-gram, unchanged from the previous rates.
Global Market Influences
Globally, spot gold traded near $2,364 an ounce, showing a slight increase of $3.9 or 0.17% from the previous session. This is the second weekly gain for gold, influenced by softer U.S. economic data. Investors are hopeful about possible monetary easing due to moderate declines in U.S. unemployment benefits and a drop in new housing construction.
Economic Factors
Lower interest rates enhance the appeal of holding non-yielding assets such as gold. As rates decline, the expense of holding gold diminishes. Concurrently, the Chinese yuan recently hit a seven-month low against the dollar, prompting higher investments in gold within China. This surge is fueled by apprehensions about the property market and economic steadiness. These global economic dynamics also impact the gold price in Pakistan.
Market Summary
| PKR (24-karat per tola) | Jun 21, 2024 | Jun 20, 2024 | DoD | 1 Month | FYTD | CYTD |
|---|---|---|---|---|---|---|
| Gold | 242,900 | 241,300 | 1,600 | -5,300 | 26,900 | 22,900 |
| Silver | 2,750 | 2,750 | – | -100 | 200 | 70 |
Conclusion
The gold price in Pakistan has risen, influenced by local and global trends. Stay updated on gold market trends and investment opportunities through reliable sources. For more details on daily gold updates, visit Daily Gold Signal. For a comprehensive understanding of the gold market, explore Daily Gold Signal.
