Gold prices increased once more in Pakistan .

 Gold rate increases to Rs235,300 per tola.

 

Gold prices increased once more in Pakistan on Saturday as the yellow metal gained popularity on the international market. According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold increased by Rs2,700 per tola and Rs2,315 per 10 grams, respectively, to reach Rs235,300 and Rs201,732. The international rate settled at $1,977 per ounce after increasing by $13.

 

This week, investors awaited confirmation on whether the US debt ceiling would be raised, causing the price of the yellow metal to fluctuate in both domestic and international markets.

 

If the US obligation limit, which is at present covered at $31.4 trillion, isn't raised, it could set off the very first US default.

 

In Pakistan, gold gained only Rs200 per tola this week.

 

There are several reasons why the domestic gold market has remained volatile recently, including political and economic turmoil, high inflation, and currency depreciation. In such times, the yellow metal is favored as a secure investment and hedge.

 

Following the arrest of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan, the safe-haven bullion reached an all-time high of Rs240,000 per tola on May 10. Later, it fell in line with the international rate's decline.

 

Additionally, the jewelers' body stated that local gold in Pakistan was "overcast" by Rs6,000 per tola in comparison to the bullion market in Dubai. As a result, the price of gold on the Pakistani market is currently higher than on the global market.

 

According to the association's data, the price of silver per 10 grams and tola remained the same at Rs2,850.

If you read or visit the website for more articles click on the link:

https://atifshahzadawan.blogspot.com/