Gold prices surge again in global and local markets

KARACHI: The price of gold rose sharply once again, with the rate of one tola increasing by Rs 2,100 to reach Rs 409,878.

The price of 10 grams of gold climbed by Rs 1,801, now standing at Rs 351,404.

In the international market, gold prices also surged, rising by $21 per ounce to reach $3,886.

Meanwhile, gold prices have seen a significant rise over the past week, with the per tola rate increasing by Rs12,178, while the price of 10 grams of gold has gone up by Rs10,441.

Furthermore, the price of gold in the international market has surged by $127 per ounce during the same period.

Earlier, Gold prices in Pakistan have climbed to another record high in line with the upward trend in international market.

According to the Saraffa Association, the opening price of 24-karat gold per tola stood at 410,278 while the rate for 10 grams stood at Rs351,751.

Gold is a valuable commodity widely traded in global markets. Known for its rarity and durability, gold has been used for centuries as a store of value and hedge against inflation. It is traded in various forms, including physical bullion, futures contracts, and exchange-traded funds (ETFs).

Investors often turn to gold during economic uncertainty, as it tends to retain value when other assets decline. Major trading centers include London, New York, and Shanghai. Gold prices are influenced by factors like interest rates, currency strength, and geopolitical events, making it a crucial component of diversified investment portfolios.