Gold prices remain stable across Pakistan

ISLAMABAD: The gold prices remain stable across Pakistan as no surge was reported globally today. The local bullion markets maintained the price of gold at Rs 482,462 for one tola and Rs 413,633 for 10 grams of gold.

The same was the case with silver prices that remained unchanged at Rs 9,425 per tola and Rs 8,080 per 10 grams. Gold, on an international scale, was also without any movement, with the price per ounce in the global bullion market being the same at $4,601.

Experts in the market remarked that the unchanging local prices are a reflection of the unchanging global rates. The calmness is the result of a dramatic price hike that happened earlier this week.

On January 14, gold prices in Pakistan reached the highest levels ever, along with days of steady price gains. Gold price per tola increased by Rs 4,300 according to the dealers, thus hitting Rs 486,162, and a rise of Rs 3,687 for 10 grams, making it Rs 416,805.

Silver Prices

The silver prices also went up and touched Rs 9,575 per tola. According to analysts, the upward march was caused by different factors such as skyrocketing international gold prices, the turbulence in the global economy, plus softening of the local currency.

Moreover, the demand for gold has also increased as investors are opting for gold as a safe-haven asset in times of economic uncertainty. In spite of the prices being the highest ever, the activity in the bullion market stayed strong.

However, the experts warned that high prices could limit consumer demand across the board, particularly for weddings and other gold-related occasions. Jewelers, on the other hand, mentioned that some buyers might delay making their purchases, and thus this would have a short-term impact on sales.

The market analysts are still advising consumers and investors to observe the trends closely and be cautious when it comes to major gold or silver purchases, as the market is still very responsive to global and local economic conditions.