Gold prices in Pakistan witnessed an upward trend on Friday, as they followed a positive trajectory in the international market. In local trading over the past 12 hours, the price of gold per tola increased by Rs. 860, reaching Rs. 447,980, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Concurrently, the price for 10 grams of gold saw a similar rise, reflecting the overall market sentiment.
The rally in the local gold market was mirrored internationally, where gold prices climbed by $17.10, reaching $4,222.96 per ounce. This increase indicates a strengthening in global demand, with gold reaching a high of $4,230.82 during this trading period. This uptrend is attributed to various global economic factors, including fluctuations in currency values and geopolitical tensions, which have historically led investors to seek the stability of gold.
Silver prices also experienced a notable increase in the local market. The price per tola of silver rose by Rs. 1.16, reaching Rs. 58.15. This aligns with the global silver market, which regularly follows the trends set by gold due to its similar nature as a precious metal.
In the broader context, the international gold and silver markets are experiencing a surge due to increased buying activity, often driven by concerns over inflation and currency devaluation. As investors look to hedge against these economic uncertainties, the demand for precious metals tends to rise, pushing prices higher. This trend has been evident in the recent increases observed both locally in Pakistan and globally.
The ongoing fluctuations in the gold market emphasize the importance for investors to stay informed about both local and international market dynamics. With the gold prices showing a consistent upward trend, market participants should remain vigilant to potential shifts influenced by external economic conditions.
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