Pakistan gold prices july 2024 witnessed a significant rise in gold prices on Monday, with 24-karat gold hitting Rs251,000 per tola, an increase of Rs1,000. This shift reflects changes in the international gold market and domestic economic factors.
Local Gold Prices Increase
The Karachi Sarafa Association reported a price of Rs215,192 per 10 grams for 24-karat Pakistan gold prices july 2024 an increase of Rs857. Similarly, the price of 22-karat gold rose to Rs197,260 per 10 grams.
Silver Prices Hold Steady
In contrast, silver prices in the domestic market remained stable. The price for 24-karat silver stood at Rs2,920 per tola and Rs2,503 per 10 grams.
Gold Market Update
On the global stage, spot gold traded around $2,407 per ounce, reflecting a decrease of $4.5 or 0.19% from the previous session. This fluctuation is influenced by various economic indicators and market sentiment.
Factors Influencing Gold Prices
Several factors influence the gold prices in Pakistan and globally. These include changes in the U.S. dollar value, inflation rates, interest rates, and geopolitical tensions. For instance, a weaker U.S. dollar often leads to higher gold prices as gold becomes cheaper for investors holding other currencies. Additionally, economic uncertainty and inflation can drive investors towards gold as a safe-haven asset.
Detailed Price Movements
The table below shows the detailed price movements of gold and silver in Pakistan:
| Metal | Jul 22, 2024 | Jul 20, 2024 | DoD | 1 Month | FYTD | CYTD |
|---|---|---|---|---|---|---|
| Gold | 251,000 | 250,000 | 1,000 | 9,500 | 9,300 | 31,000 |
| Silver | 2,920 | 2,920 | 0 | 70 | 70 | 240 |
Conclusion
For more detailed updates on gold prices, visit Daily Gold Signal and check the daily gold update.
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