ISLAMABAD (APP) – The price of 24 karat gold per tola experienced a significant increase of Rs2,900, reaching a new rate of Rs287,900 on Wednesday. This change marks a notable rise from Rs285,000, the price observed on the previous trading day. The demand for gold continues to reflect its status as a valuable asset, especially in times of economic uncertainty.
In addition to the per tola price, the cost of 10 grams of 24 karat gold also rose, seeing an increase of Rs2,486. The current price for this quantity is now Rs246,828, compared to Rs244,342 earlier. Likewise, the rate for 10 grams of 22 karat gold has gone up, currently priced at Rs226,259, up from Rs223,980. These fluctuations in gold prices highlight the precious metal’s ongoing appeal among investors and consumers alike.
The All Sindh Sarafa Jewellers Association has provided these updated figures, indicating a strong market trend for gold as a preferred investment option. This trend is likely fueled by various factors, including inflation concerns, currency fluctuations, and global economic conditions. As investors look for safe-haven assets to shield their wealth, gold remains a popular choice due to its historical stability and intrinsic value.
Interestingly, while gold prices in Pakistan have seen this upward trajectory, silver prices have remained unchanged. The current price for per tola silver stands at Rs3,350, with the price for 10 grams of silver at Rs2,872.08. This stability in silver prices contrasts with the volatility often seen in precious metal markets.
Internationally, the gold market is also experiencing upward pressure. The price of gold in the global market increased by $29, moving from $2,755 to $2,784 per ounce. This international price increase can significantly impact local markets, as it often influences domestic gold prices in various countries.
Gold Rates in Top Countries
The gold market operates on a global scale, and prices can vary significantly from one country to another. Here’s a snapshot of current gold rates in some of the top countries, including Pakistan:
- United States: The current gold price stands at approximately $2,784 per ounce. The U.S. market often leads in gold trading due to its size and influence, making it a key benchmark for other markets worldwide.
- India: The demand for gold in India, especially during festivals and wedding seasons, drives prices high. Currently, 24 karat gold is priced at around ₹56,700 per 10 grams, reflecting the cultural significance of gold in Indian society.
- United Arab Emirates: In the UAE, gold is currently priced at approximately AED 1,700 per ounce for 24 karat gold. The UAE serves as a significant hub for gold trading in the Middle East, attracting investors and tourists alike.
- China: China’s gold market is robust, with prices hovering around CNY 420 per gram for 24 karat gold. The Chinese market is essential in driving global demand due to its substantial population and increasing wealth.
- Pakistan: As mentioned earlier, the price in Pakistan for 24 karat gold is Rs287,900 per tola. The dynamics of the local economy, including inflation and currency exchange rates, greatly affect these prices.
Conclusion
As gold continues to rise in value both locally and globally, investors should keep a close watch on market trends and economic indicators that could influence future price movements. Gold’s timeless appeal as a safe-haven asset makes it a crucial element in investment portfolios, particularly during periods of economic volatility. Whether for personal adornment or investment, gold remains a cornerstone of wealth preservation, with its allure likely to continue in the coming years.
