PESHAWAR: Under the influence of the recent security situation, gold and silver have also slightly decreased in the international and local bullion market of Pakistan.
According to the latest data released by the All Pakistan Bullion Gems and Jewelers Association, an increase in the prices of gold per tola and 10 grams has been recorded in Peshawar last night; however today the prices decreased again after new attacks between Iran and US.
According to the All Pakistan Bullion Gems and Jewellers Association, the price of the best quality, i.e., 24 carat gold per tola, has decreased by Rs 2,830 in the local markets, after which gold per tola has reached a new high of Rs 455,063.
Similarly, the price of 10 grams of gold, which is used for more transactions in business circles, has also increased by Rs 2,547, after which its new price has been fixed at Rs 389,534. Sarafa dealers say that due to such a rapid increase in prices, the common buyer is moving away from the jewellery market, and only investors are interested in it.
The price of silver is also witnessing an extraordinary decrease in the local market of gold. According to Sarafa Bazaar, the price of silver per tola recorded a significant increase of Rs 141, after which silver is now being sold at a historic level of Rs 7,314 per tola. According to experts, the pressure of industrial demand and gold prices is also affecting silver.
This increase in Pakistan is directly related to the global market, where gold has become more expensive in the international bullion market instead of getting cheaper. Gold rose by $28.29 per ounce in the global market, after which the new price of gold at the international level was recorded at $4,326.27.
According to economists, the main reason for the rise in gold and silver prices in the global and local markets is the ongoing geopolitical tensions in different regions of the world, due to which global investors are withdrawing money from stocks and other risky assets and investing in gold, which is considered the safest haven.
In addition, indications of possible changes in interest rates by the US Federal Reserve and fluctuations in the value of the Pakistani rupee against the dollar are also important reasons for the increase in prices at the local level. Market sources say that if the price of gold in the global market continues to increase at the same pace, the price of 24-karat gold in Pakistan can soon set more new records.
Read also: Gold Rates Rise Sharply Across Pakistan, Here’s the Latest Update
