The domestic bullion market in Pakistan kicked off the week with a notable surge in gold prices, marking a significant rebound from a two-week slump. On Monday, the price of 24-karat gold rose by Rs700 per tola, reaching an impressive Rs215,800. This increase is a continuation of the positive momentum gained last week, where gold prices saw a rise of Rs1,900 per tola, breaking free from its recent downtrend.
DETAILED GOLD PRICE MOVEMENTS
The Karachi Sarafa Association provided insights into the finer details of the gold price movements. For 10-gram 24-karat gold, there was a gain of Rs600, bringing the price to Rs185,014. Meanwhile, the 10-gram 22-karat gold also saw an increase, reaching Rs169,596. These adjustments reflect a growing investor interest in gold as a safe haven amid prevailing economic uncertainties.
SILVER HOLDS STEADY
While gold experienced significant gains, silver prices maintained their ground. The 24-karat silver was sold at Rs2,570 per tola and Rs2,203.36 per 10-gram, indicating a stable demand for this precious metal alongside the bullish gold market.
PKR EXCHANGE RATES MONDAY, FEBRUARY 26
GLOBAL GOLD TRENDS
XAUUSD posted an intraday high of $2037.10 and intraday low of $2030.03. Gold is currently trading at $2032.39 (4:35pm Monday, 26 February 2024 (GMT+5) Time in Pakistan).
CONCLUSION: BULLISH SENTIMENT IN PAKISTAN’S BULLION MARKET
The start of the week has brought renewed optimism to Pakistan’s bullion market, with gold prices witnessing a significant uptick. The breaking of the two-week losing streak and the stable prices of silver underscore a bullish sentiment among investors. As global economic indicators and monetary policies continue to unfold, the domestic and international gold markets will remain key areas of interest for investors seeking safe-haven assets amidst financial uncertainties. The resilience of gold prices, despite global challenges, highlights its enduring appeal and strategic importance in investment portfolios.
