On the 16th of February 2024, the gold market experienced notable fluctuations, with the per tola price of 24 karat gold witnessing a significant increase in the local market. The All Sindh Sarafa Jewellers Association reported that the rise in gold prices was attributed to various factors impacting both domestic and international markets.
Local Market Highlights:
The per tola price of 24 karat gold surged by Rs.1,300, reaching Rs.212,400 on Friday. This marked a notable increase from its previous closing at Rs.211,100. Similarly, the price of 10 grams of 24 karat gold increased by Rs.1,115, settling at Rs.182,099 compared to the previous day’s rate of Rs.180,984.
Moreover, 10 grams of 22 karat gold also experienced an uptick in price, rising to Rs.166,924 from Rs.165,902, as reported by the All Sindh Sarafa Jewellers Association. The dynamic changes in gold prices within the local market were influenced by various economic factors, contributing to the fluctuations witnessed on this trading day.
Silver Prices Unchanged:
In contrast to the upward movement in gold prices, the rates for silver remained stable in the local market. The per tola price of silver held firm at Rs.2,580, while the cost of 10 grams of silver remained unchanged at Rs.2,211.93. Despite the volatility in the gold market, silver maintained a steady position, offering a point of stability for precious metal investors.
International Market Trends:
The global gold market also experienced a shift as the price of gold increased by $12, reaching $2,025 per ounce. This reflected a rise from the previous day’s closing price of $2,013. The Association highlighted that the international gold market’s dynamics were influenced by a combination of economic indicators, geopolitical events, and market sentiment.
The 16th of February 2024 witnessed a notable surge in gold prices within the local market, with the per tola price of 24 karat gold and 10 grams of 24 karat gold experiencing significant increases. The stability in silver prices provided a contrasting narrative in the precious metal market. Additionally, the international gold market showcased its own set of dynamics with a modest increase in gold prices. Investors and market participants are advised to stay vigilant and keep abreast of the evolving economic factors influencing these market movements.
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