The gold price in Pakistan increased once more on Wednesday, following the market trend. As per the current rates, gold per tola moved up to Rs344,200. This follows after the rise of Rs3,700 within a single day.
The price rise indicates that demand and market direction are strong. The international market also witnessed a rise in the price of gold. The world price of gold is $3,258 an ounce. There is a premium of $20 included.
Silver prices in the domestic market also went up. Silver’s direction was similar to gold’s. Silver per tola now costs Rs3,400 in Pakistan.
Latest Gold Prices in Lahore, Karachi and Islamabad
This ongoing increase in the price of gold and silver indicates that the local as well as international markets are following the same trend. Investors are purchasing more gold, which is typical when uncertainty about the world economy increases. When international prices rise, the local market follows immediately. A premium of $20 over the international rate indicates that gold is in great demand.
Read more: Gold Prices Surge in Pakistan Following Global Market Rally
Karachi dealers of the market said the new gold price indicates changes in the global economy that are still persisting. They also added that currency fluctuations and international gold demand contribute significantly to setting prices locally.
The domestic market changes rates according to international market updates. This is a common practice in Pakistan’s gold business. Traders also mentioned that they anticipate the prices to remain high if the global rate keeps increasing.
Till now, no indication of gold rates slowing down has emerged. Buyers are keeping a close eye on the market. Jewellers and investors alike are keeping their ears open for any more price adjustments.
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