Gold prices in Pakistan have continued their upward trajectory, setting new records as the precious metal's value surged significantly on Friday.
Record High for Gold in Local Market
The per tola price of gold increased by Rs2,200, reaching an all-time high of Rs306,200. Similarly, the price of 10 grams of gold saw an impressive rise of Rs1,886, settling at Rs262,517. This marks another milestone in the ongoing surge in gold prices in the local market of Pakistan.
International Gold Prices See an Upward Trend
The international gold market also witnessed a rise, with the price per ounce climbing by $20, reaching $2,933. This increase comes amid ongoing global market uncertainty, further fueling demand for gold as a safe-haven investment.
Silver Prices Also Experience Gains
In addition to gold, silver prices have also seen an upward trend in Pakistan. The per tola rate of silver surged by Rs83, closing at Rs3,450, while the price of 10 grams increased by Rs71, reaching Rs2,957.
Gold as a Safe-Haven Investment
The increasing trend of gold investment is primarily driven by the need to protect assets from devaluation. Amid rising inflation and fluctuating currencies, gold remains a preferred asset for investors looking for stability. The global uncertainty, particularly with trade tensions and tariff wars, has only added to the volatility in financial markets, pushing investors toward safer options like gold.
Ongoing Global Tensions Contributing to Volatility
Recent developments, including the US-China trade war and tariff impositions by both countries, have further contributed to market instability. The US-China trade tensions intensified after the US imposed tariffs on Chinese products, with China retaliating by imposing tit-for-tat import taxes on American goods, including some of the US exports. These ongoing tensions have been a key factor driving the volatility in the global markets, leading investors to move their capital into gold and other safe assets.
Market Outlook
With global market uncertainties continuing, it is expected that gold will maintain its appeal as a safe-haven investment, and further price increases may be seen in the coming days, both in local and international markets. Investors will likely continue to keep a close eye on geopolitical and economic developments, as these factors heavily influence the precious metals market.
