ISLAMABAD: The price of 24-karat gold per tola increased by Rs1,200 on Tuesday, reaching Rs229,400, while the price of 10 grams of gold rose by Rs1,029 to Rs196,674, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). In contrast, the price of silver remained stable at Rs2,580 per tola.
Gold Price in International Market
The price of gold in the international market also rose by $6 to settle at $2,193 per ounce. One of the main reasons for the recent increase in gold prices globally is the continuous investment from Chinese investors, who have turned to gold as a safe haven due to the shrinking real estate and construction sectors.
Gold Price Trends
Over the past couple of days, the price of gold has increased by more than $100 per ounce. The local bullion market is significantly influenced by international gold prices.
Factors Affecting Gold Prices
The price of gold reacted to Powell’s speech, rising from $2150 to above $2200 in a single day before dropping to around $2170 the next day. However, on Tuesday, gold prices increased again, surpassing $2200 due to various factors, including fresh investment inflows into the gold market.
