Gold prices surged on Saturday, both internationally and in the domestic market, as investors flocked to the precious metal amid mounting global economic uncertainties.
“According to market data, the price of gold in the international bullion market rose by a staggering $61 per ounce, pushing the rate to an unprecedented $3,363 per ounce.” The sharp uptrend, analysts say, reflects growing concerns over a weakening US dollar and fears of a potential global economic slowdown.
In direct response to the international rally, Pakistan’s gold market also saw a significant spike. “In Pakistan, the price of gold jumped by Rs6,100 per tola, reaching Rs359,000. Similarly, the rate for 10 grams climbed by Rs5,229 to settle at Rs307,784.”
This increase followed a brief dip in prices a day earlier. “On Friday, the per tola price had briefly dipped by Rs100, settling at Rs352,900 before rebounding sharply by the end of the day.”
Meanwhile, silver prices in the local market also recorded gains. “Silver prices also posted gains, with the per tola rate rising by Rs53 to close at Rs3,953.”
Market watchers believe the upward momentum in precious metals may continue if economic concerns persist and global currency pressures remain high.
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