Gold price in Pakistan saw a notable increase of Rs2,500 per tola on Friday. This marks a continuation of its upward trajectory following optimistic forecasts by Goldman Sachs Group Inc. Forecasting that global gold prices may hit $3,000 per ounce by next year.
Gold Prices Surge Locally and Globally
The 24-karat gold price in Pakistan reached Rs280,500 per tola, registering a significant rise. Similarly, the price of 24-karat gold for 10 grams also increased to Rs240,483, reflecting a gain of Rs2,143. The All-Pakistan Gems and Jewelers Sarafa Association (APGJSA) provided these rates.
Globally, spot gold traded at $2,694 per ounce, showing a rise of $25.4 or 0.95% compared to the previous session.
At the same time, the price of 22-karat gold increased, reaching Rs220,443 for 10 grams.
Stable Silver Prices in Domestic Markets
Silver prices in Pakistan stayed constant despite the rise in gold prices. The rate for 24-karat silver stood steady at Rs3,450 per tola and Rs2,957 per 10 grams. This stability offers some relief for buyers amidst rising gold prices.
Gold Price Trends: A Quick Overview
Gold prices have shown fluctuations recently, influenced by global economic conditions and forecasts. Below is a quick snapshot of gold and silver price changes in Pakistan:
| Commodity | Date | Price (PKR) | Change (DoD) | Monthly Change | FYTD Change | CYTD Change |
|---|---|---|---|---|---|---|
| Gold (24K per tola) | Nov 22, 2024 | Rs280,500 | Rs2,500 | -Rs4,900 | Rs38,800 | Rs60,500 |
| Silver (24K per tola) | Nov 22, 2024 | Rs3,450 | Rs0 | Rs100 | Rs600 | Rs770 |
Why are Gold Prices Rising?
The consistent rise in gold prices can be attributed to factors like global market trends, currency devaluation, and increasing demand. Predictions from major institutions, such as Goldman Sachs, also influence market sentiment.
For further updates on gold price trends and analysis, visit the Daily Gold Signal. Additionally, check the Daily Gold Update section for in-depth coverage.
