pakistan Gold Prices Surge Amid Global Market uptick
ISLAMABAD – May 16, 2024 – Gold prices in Pakistan surged Friday, echoing a rise in the international market. The price of 24-carat gold climbed by Rs3,500, reaching Rs351,000 per tola. This increase is attributed to the global bullion market upturn, where spot gold also saw gains. Experts from financial institutions are closely monitoring these trends to inform investment strategies, projecting further movements in the crucial precious metal; more data will follow.
Pakistan Gold Prices Surge Amid Global Market Uptick
Islamabad – gold prices in Pakistan experienced a meaningful increase Friday, mirroring gains in the international market. The price of 24-carat gold per tola (11.66 grams) jumped by Rs3,500,reaching Rs351,000.
Key Price Movements
- 24-Carat Gold (per tola): Increased by Rs3,500 to Rs351,000.
- 10 Grams Gold: Rose by Rs3,000, now at Rs300,925.
- 22-Karat Gold (10 grams): New rate of Rs. 275,857, a gain of Rs. 2,750.
- Silver (per tola): Increased by Rs38 to Rs3,466.
- Silver (10 grams): Rose by Rs33 to Rs2,971.
Global Market Influence
The surge in local gold prices is directly linked to a rise in the international bullion market. The price of gold reached $3,326 per ounce after a $35 increase, following a brief pause.
Did You Know?
A “tola” is a conventional South Asian unit of mass, historically used for trading precious metals. It’s equivalent to 11.66 grams.
Analyst Insights
According to market analysts, spot gold is poised for further gains. Spot gold is expected to retest a resistance of $3,335 per ounce, a break above wich could lead to a gain to $3,366.
Broader Precious Metals Market
While gold and silver saw gains, other precious metals experienced mixed results:
- Spot silver: Steady at $33.07 an ounce.
- Platinum: Gained 0.8% to $1,089.45.
- Palladium: Slipped 0.8% to $1,006.75.
Market Performance
Spot gold was up 1% at $3,325.47 an ounce. Bullion has risen 4% this week, its highest as April 7.
Frequently Asked Questions (FAQ)
Pro Tip
Keep an eye on global economic indicators and geopolitical events, as they frequently enough influence gold prices. Diversifying your investment portfolio can also mitigate risks associated with gold market volatility.
