Gold Hits Unprecedented High in Pakistan’s Market

Gold Hits Unprecedented High in Pakistan's Market/Reuters

Sabiha Rajpoot | April 20, 2024 | 10:18 PM IST | Pakistan News | Follow on Google News

Gold Hits Unprecedented High in Pakistan’s Market

Gold Hits Unprecedented High in Pakistan’s Market: Domestic Market Records Rs252,200 per Tola

KARACHI: The gold price soared to an all-time high on Saturday, hitting Rs252,200 per tola in the domestic market, according to the All Sindh Sarafa Jewellers Association. The price of 24 karat gold per tola saw a significant increase of Rs1500, reaching Rs252,200 in local trading. Similarly, the price of 10 grams of 24 karat gold climbed to Rs216,221.

International Market Trends

Internationally, the price of gold was trading at $2,379 per ounce. Spot gold experienced a 0.7% increase, reaching $2,395.15 per ounce, having peaked at $2,417.59 earlier in the session. This week saw a notable rise of 2.2% in prices. U.S. gold futures settled 0.7% higher at $2,413.8. In contrast, spot platinum experienced a 0.4% decline, dropping to $931.22, while palladium slipped 0.6% to $1,016.91. Both platinum and palladium witnessed weekly declines.

The surge in gold prices domestically and internationally reflects heightened investor interest in the precious metal amid economic uncertainties and inflation concerns.

The ongoing geopolitical tensions and the volatile financial markets have further fueled the demand for gold as a safe-haven asset. Investors are closely monitoring market dynamics for further indications of gold’s performance in the coming weeks.

Sabiha Rajpoot

Sabiha Rajpoot, a young journalist, having BA- Journalism degree, writes on different scenarios. Sabiha is also a doctor degree at DHMS.