Islamabad, Jan 30: The price of 24-karat gold surged by Rs. 1,600 per tola, reaching an all-time high of Rs. 290,300 on Thursday, as reported by the All Sindh Sarafa Jewellers Association. This marks the first time in history that gold has crossed the Rs. 290,000 threshold per tola, reflecting the ongoing fluctuations in the local and international markets.
Similarly, the price of 10 grams of 24-karat gold saw an increase of Rs. 1,372, climbing to Rs. 248,885 from the previous Rs. 247,513. Meanwhile, the 22-karat gold price per 10 grams rose to Rs. 228,152 from Rs. 226,895. The consistent rise in gold prices is attributed to market demand, currency fluctuations, and global economic factors.
In addition to gold, silver prices also saw an upward trend. The price of per tola silver jumped by Rs. 59, reaching Rs. 3,450, while the price for 10 grams of silver increased by Rs. 50 to Rs. 2,957. This upward movement indicates a strong demand for precious metals in both local and international markets.
On the global front, gold prices experienced a $15 surge, reaching $2,778 per ounce from the previous $2,763. This increase is primarily driven by economic uncertainties, inflation concerns, and shifting investment patterns as investors turn to gold as a safe-haven asset.
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What’s Driving the Gold Price Surge?
Several factors contribute to the continued rise in gold prices:
- Global Market Trends: A weakening dollar and increasing inflation fears are pushing investors toward gold.
- Local Currency Depreciation: The fluctuation of the Pakistani rupee against the US dollar significantly impacts gold prices.
- Supply and Demand Dynamics: Limited supply and growing investment demand continue to influence gold rates.
- Geopolitical Uncertainty: Global economic instability and geopolitical tensions have further fueled the rally in gold prices.
Should You Invest in Gold Now?
With gold reaching historic highs, investors are contemplating whether to buy, hold, or sell. Experts suggest that while gold remains a stable long-term investment, monitoring market trends and global economic conditions is crucial before making any decisions.
Stay updated with the latest gold price movements and investment insights to make informed financial decisions. Keep an eye on international trends, currency fluctuations, and local market updates for better financial planning.
