In a notable turn of events, the price of gold experienced a significant upswing in the local and international markets on Friday, November 10th, 2023. The All Sindh Sarafa Jewellers Association reported a considerable surge in the per tola and 10-gram prices of 24 karat gold.
According to the latest figures, the per tola price of 24 karat gold witnessed a sharp increase of Rs 1,300, reaching a new high at Rs 213,100 on Friday. This surge is in stark contrast to its previous value of Rs 211,800 on the last trading day, indicating a notable upward trend in the precious metal market.
Similarly, the price of 10 grams of 24 karat gold also saw a significant rise, climbing by Rs 1,114 to settle at Rs 182,698 from its previous value of Rs 181,584. The prices of 10 grams of 22 karat gold also experienced an uptick, reaching Rs 167,474 from Rs 166,452, as reported by the All Sindh Sarafa Jewellers Association.
In contrast, the prices of silver remained relatively stable, with the per tola and ten-gram prices holding steady at Rs 2,580 and Rs 2,211.93, respectively. This stability in the silver market suggests a distinct pattern of change in the dynamics between gold and silver prices.
Internationally, the price of gold demonstrated a noteworthy increase, rising by $7 to reach $1,975 from its previous value of $1,968. This global surge in gold prices may be attributed to various factors, including economic uncertainties, geopolitical tensions, and fluctuations in currency values.
Market analysts and experts are closely monitoring these developments, as the precious metals market continues to be influenced by a myriad of factors on both the local and global fronts. Investors and stakeholders are advised to stay vigilant and adapt their strategies in response to the evolving dynamics of the gold market.
As the markets remain dynamic, only time will reveal the full extent of the impact of these price fluctuations on the broader economic landscape.
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