Karachi: Gold prices recorded another increase today after a 2-day decline, resulting in prices rising in both local and global markets.
The price of gold per ounce in the international bullion market increased significantly by $37 on Thursday, bringing the new global price to $4,007 per ounce.
The effects of this increase in global prices were also directly seen in the Pakistani market, where 24-karat gold rose by Rs 3,700 per tola to a new high of Rs 423,062. Similarly, 10 grams of gold was sold for Rs 362,707, an increase of Rs 3,122.
According to the Sarafa Association, gold prices had been declining continuously for the past two days, but today, due to minor fluctuations in the value of the dollar in the global market and investors’ tendency to invest safely, the precious metal once again turned bullish.
According to experts, international geopolitical uncertainty, US economic indicators and interest rate policies have also affected gold prices. Investors are currently again moving towards safe assets, which has resulted in increased global demand for gold.
Meanwhile, the business community in the local market says that the continuous fluctuations in gold prices have led to a decline in the purchase of jewelry, however, after the stabilization in the international market, a slight decrease or stabilization in prices is expected in the next few days.
