Gold prices in Pakistan experienced a robust increase on Friday, with the price of 24-karat gold reaching Rs278,800 per tola, marking a gain of Rs2,000. This recovery follows a steep decline, reflecting significant market changes influenced by both local and international events.
Understanding the Recent Rise in Gold Prices in Pakistan
On Thursday, the local gold market saw a sharp drop of Rs5,400 per tola, primarily driven by the recent gains in the U.S. dollar, which surged following former President Donald Trump’s election win. Historically, the expectation was for gold to rally with a Trump victory, but the rise of the dollar counteracted this movement, making gold less accessible for some buyers.
However, the rebound in gold prices observed on Friday is largely attributed to a recent 25 basis points rate cut by the U.S. Federal Reserve. This rate reduction has encouraged gold investments, as lower interest rates decrease the opportunity cost of holding gold, making it more attractive to investors.
Key International Gold Price Movements
In global markets, the price of spot gold experienced a significant rise, increasing by 1.79% (or $47.67) to reach $2,706 per ounce at the end of Thursday’s trading session. This international surge in gold prices reflects market sentiment following the Federal Reserve’s decision, along with the fluctuating U.S. dollar, both of which heavily impact gold’s appeal as a safe-haven asset.
Local Market Gold and Silver Prices Update
The Karachi Sarafa Association also reported increases in gold prices within the domestic market. The price of 24-karat gold per 10 grams climbed by Rs1,715, setting it at Rs239,026. Similarly, 22-karat gold prices rose, quoted at Rs219,107 per 10 grams. Despite the gold price fluctuations, silver remained steady, with 24-karat silver priced at Rs3,300 per tola and Rs2,829 per 10 grams.
Gold Price Trends and Analysis in Pakistan
| PKR (24-karat per tola) | Nov 08, 2024 | Nov 07, 2024 | Day-on-Day Change | 1 Month Change | FYTD | CYTD |
|---|---|---|---|---|---|---|
| Gold | 278,800 | 276,800 | 2,000 | 7,100 | 37,100 | 58,800 |
| Silver | 3,300 | 3,300 | 0 | 250 | 450 | 620 |
This recent trend underscores the ongoing appeal of gold as a stable investment in uncertain economic times. Investors and market observers often track these price movements to inform their buying and selling decisions.
For more insights on gold price fluctuations and the latest updates on the gold market, explore our daily updates here or visit our main website Daily Gold Signal.
