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Gold prices in Pakistan experienced an upward trajectory on Friday, following a recent decline in the international market. The data provided by the All Pakistan Gems and Jewellers Association revealed that the per tola gold price rose by Rs400, settling at Rs214,200. Correspondingly, the price of 10 grams of gold increased by Rs342, reaching Rs183,642 in the domestic market of Pakistan.
In the global market, the price of this precious metal witnessed a surge of $5, reaching $2,020 per ounce. This positive movement in gold prices locally and internationally marked a reversal from the previous day’s trend when gold experienced a significant dip, losing its luster.
Read more: Gold Prices In Pakistan Drop By Rs1,400 Amid Global Decline
On the day before the increase, the gold prices in Pakistan had faced a decline following consecutive hikes. The precious metal’s value dropped to Rs213,800 per tola after experiencing a single-day decrease of Rs1,400 on Thursday. Simultaneously, the rate for 10 grams of 24-karat gold witnessed a decrease of Rs1,200, settling at Rs183,300. Additionally, the 10-gram price for 22-karat gold stood at Rs168,024.
The fluctuation in gold prices can be attributed to various factors, including changes in global demand and supply, economic indicators, and geopolitical events. Gold is often considered a safe-haven asset, and its prices are influenced by factors such as inflation, interest rates, and overall market sentiment.
The All Pakistan Gems and Jewellers Association serves as a key source for tracking and disseminating information regarding the gold market in the country. The daily updates on gold prices provided by this association are crucial for businesses and individuals involved in the gold trade, as well as for investors and consumers who closely monitor market trends.
The recent increase in gold prices in Pakistan aligns with the global trend, where the precious metal continues to be a subject of interest for investors seeking stability and security in times of economic uncertainty. Gold prices are often influenced by market dynamics, and understanding these fluctuations is essential for making informed decisions in the realm of precious metal investments.
As the gold market remains dynamic, with prices subject to constant changes, market participants, investors, and consumers alike will continue to keep a close eye on fluctuations and trends. The delicate balance between supply and demand, coupled with the impact of external factors, will play a pivotal role in shaping the future trajectory of gold prices in Pakistan and the global market.
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