Gold continues to hold its allure as a safe haven for the domestic investors. This Thursday, the financial alchemy of the gold market was on full display as the cost of 24 karat gold per tola witnessed a notable rise, climbing by Rs900 to reach a new zenith of Rs 215,700, up from Rs 214,800 the previous trading day. It is pertinent to mention Gold lost RS 1,100 in the precious session. This increment reflects not just the market’s current volatility, but also the enduring value of gold in the eyes of investors.
IN-DEPTH ANALYSIS OF GOLD PRICES
More into the specifics, the price for 10 grams of pure, 24 karat gold also saw a significant uplift, increasing by Rs772 to settle at Rs184,928, compared from its previous position at Rs184,156. In the realm of slightly less pure gold, the rates for 10 grams of 22 karat gold also experienced a surge, ascending to Rs169,517 from Rs168,810, as per the latest figures released by the All Sindh Sarafa Jewellers Association.
SILVER STANDS STEADY
While gold prices experienced upward momentum, the market for silver held its ground without any fluctuations. The cost for a tola and ten grams of silver remained unwavering at Rs2,570 and Rs2,203.36 respectively. This stability presents a stark contrast to the gold market’s dynamism, offering investors a glimpse into the diverse nature of precious metals trading.
GLOBAL GOLD MARKET MOVEMENTS
XAUUSD posted an intraday high of $2037.92 and intraday low of $2028.92. Gold is currently trading at $2029.78 (5:02pm Thursday, 29 February 2024 (GMT+5) Time in Pakistan). A day earlier gold was trading at $2024.11 (3:51pm Wednesday, 28 February 2024 (GMT+5) Time in Pakistan).
