On Friday, 21st June 2024, the gold market witnessed a significant rise in prices. The price of per tola of 24 karat gold saw an increase of Rs. 1,600, reaching Rs. 242,900, up from Rs. 241,300 on the previous trading day. This upward trend reflects the increasing demand and the global economic factors influencing the precious metals market.
Price Breakdown
The price of 10 grams of 24 karat gold also experienced an increase, rising by Rs. 1,372 to Rs. 208,248 from the previous Rs. 206,876. Similarly, the price of 10 grams of 22 karat gold saw an increase, going up to Rs. 190,894 from Rs. 189,636. These changes were reported by the All Sindh Sarafa Jewellers Association, highlighting the continuous upward movement in gold prices.
Silver Rates
In contrast, the prices of silver remained stable. Both per tola and ten grams of silver were unchanged, holding steady at Rs. 2,750 and Rs. 2,357.68, respectively. The stability in silver prices indicates a different market dynamic compared to gold, where the latter is more susceptible to rapid changes due to various economic factors.
International Market Influence
The increase in gold prices is not just a local phenomenon but is also reflected in the international market. The price of gold in the global market increased by $28, reaching $2,363 from the previous $2,335. This rise is indicative of global trends where investors turn to gold as a safe haven during times of economic uncertainty.
Factors Influencing Gold Prices
Several factors contribute to the fluctuations in gold prices:
- Economic Uncertainty: Global economic instability often drives investors towards gold, which is considered a safe-haven asset.
- Currency Fluctuations: Changes in currency values, especially the strength or weakness of the US dollar, can impact gold prices.
- Inflation: Higher inflation rates can lead to an increase in gold prices as investors seek to preserve their purchasing power.
- Geopolitical Events: Tensions and conflicts can lead to increased demand for gold as a secure investment.
The gold market on 21st June 2024 shows a notable increase in prices, reflecting the global economic conditions and investor sentiment. As the price of gold continues to rise, it serves as a reminder of the precious metal’s role as a stable investment in uncertain times. For investors and consumers alike, staying informed about the latest rates and market trends is essential for making sound financial decisions.
Summary of Gold Rates (21st June 2024)
- Per Tola of 24 Karat Gold: Rs. 242,900 (up by Rs. 1,600)
- 10 Grams of 24 Karat Gold: Rs. 208,248 (up by Rs. 1,372)
- 10 Grams of 22 Karat Gold: Rs. 190,894 (up by Rs. 1,258)
- Per Tola of Silver: Rs. 2,750 (unchanged)
- 10 Grams of Silver: Rs. 2,357.68 (unchanged)
- International Gold Price: $2,363 (up by $28)
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