The gold price in the local market experienced a temporary decline but subsequently rebounded. This price fluctuation may have been influenced by various factors such as global economic conditions, currency fluctuations, geopolitical events, or changes in investor sentiment, leading to renewed interest and a higher valuation for gold.
On Monday, gold prices in Pakistan experienced significant fluctuations. Gold, specifically 24-carat, saw a notable increase, settling at Rs200,000 per tola, marking a gain of Rs4,400. Similarly, the price of 24-karat gold per 10 grams rose by Rs3,750, reaching Rs171,470.
These fluctuations reflect the volatile nature of the precious metal in the local market, driven by factors such as political and economic uncertainty, soaring inflation, and recent law enforcement actions against illegal activities in the gold market. This price volatility has led individuals to view gold as a safe investment during uncertain times, as demonstrated by its rebound from last week’s dip to Rs188,000 per tola.
Additionally, in the international market, gold prices remained relatively high at $1,849 per ounce.