The gold market in Pakistan has witnessed a significant surge, with the price of 24-karat gold reaching an all-time high of Rs261,800 per tola. This marks a substantial increase of Rs800 from the previous rate, shattering the previous record set on July 18.
According to data provided by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10 grams of 24-karat gold has also seen a notable rise, increasing by Rs686 to stand at Rs224,451. This unprecedented hike in gold prices has left many investors and market analysts stunned.
The reasons behind this sudden surge in gold prices are multifaceted. One major factor is the possibility of the US central bank slashing interest rates, which has led to a decrease in the value of the US dollar. This, in turn, has caused investors to turn to safe-haven assets like gold, driving up its price.
Another factor contributing to the rise in gold prices is the influence of Donald Trump’s possible victory in the US elections. Market analysts believe that a Trump win could lead to economic uncertainty, causing investors to flock to gold as a hedge against potential market volatility.
In contrast, silver rates have remained stable at Rs2,950 per tola, providing a sense of calm amidst the gold price turmoil.
The record-breaking gold price has significant implications for the Pakistani economy, particularly for industries reliant on gold imports. The increased cost of gold could lead to higher production costs, potentially affecting the prices of gold-based products.
As the gold market continues to fluctuate, investors and market analysts will be closely monitoring the situation to anticipate future trends.
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