SJY NEWSIncrease in Gold Rates in Pakistan Today per Tola
SJY NEWS
Business, July 7, 2024
Significant Hike in Gold Prices in Pakistan
Overview
Gold prices in Pakistan have witnessed a notable increase, marking the fourth consecutive session of upward movement. This rise is driven by several factors, including international market fluctuations, currency exchange rates, and current economic conditions.
Recent Trends in Gold Prices
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reports that the price of 24-karat gold per tola increased by Rs2,000 on Saturday, reaching Rs246,400. Similarly, the price of 10-gram 24-karat gold rose by Rs1,740, now at Rs211,247. This follows a prior increase on Thursday when the per tola price rose by Rs944. The price of 10 grams of 22-karat gold remained steady at Rs193,644 on Saturday.
Impact of the International Market
The global gold market has also seen gains, significantly affecting local prices. On Friday, the international rate was $2,388 per ounce, marking a $24 increase during the trading day. This global trend directly influences gold prices in Pakistan.
Silver Prices Also Climbing
In addition to gold, silver prices in the local market have seen a notable rise. The price of 24-karat silver increased by Rs50, reaching Rs2,900 per tola. This rise mirrors the broader trend of increasing precious metal prices both locally and internationally.
Factors Driving the Increase in Gold Prices
Market analysts attribute the rise in gold prices to several key factors:
- International Market Fluctuations: Global economic conditions and market trends heavily impact local gold prices.
- Currency Exchange Rates: Changes in the value of the Pakistani rupee against other currencies can affect gold prices.
- Economic Conditions: Local economic conditions, including inflation and economic policies, play a role in determining gold prices.
Table: Recent Gold Price Changes
| Gold Type | Unit | Price Increase | New Price |
|---|---|---|---|
| 24-Karat Gold | Per Tola | Rs2,000 | Rs246,400 |
| 24-Karat Gold | 10 Grams | Rs1,740 | Rs211,247 |
| 22-Karat Gold | 10 Grams | – | Rs193,644 |
| 24-Karat Silver | Per Tola | Rs50 | Rs2,900 |
Impact on Investment and Consumer Behavior
The continued increase in gold prices is likely to influence investment decisions and consumer behavior in the coming days. Higher gold prices might lead to a rise in gold investments as individuals and businesses look to hedge against economic uncertainty. Additionally, consumers might adjust their purchasing behavior in response to the rising costs.
FAQs
- Why are gold prices rising in Pakistan? Gold prices in Pakistan are rising due to various factors, including fluctuations in the international market, currency exchange rates, and local economic conditions.
- What is the current price of 24-karat gold per tola in Pakistan? As of the latest update, the price of 24-karat gold per tola in Pakistan is Rs246,400.
- How has the price of 10-gram 24-karat gold changed recently? The price of 10-gram 24-karat gold has increased by Rs1,740, bringing it to Rs211,247.
- What factors influence gold prices in Pakistan? Gold prices in Pakistan are influenced by international market trends, currency exchange rates, and local economic conditions.
- How have silver prices changed in the local market? Silver prices in the local market have increased by Rs50, bringing the price of 24-karat silver to Rs2,900 per tola.
Conclusion
The sharp rise in gold prices in Pakistan reflects broader economic trends and fluctuations in the international market. As gold continues to surge, it will likely impact investment decisions and consumer behavior. Keeping an eye on these trends is essential for making informed financial decisions.
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