Gold Price Surges by Thousands Again Today – Feb 24 as both international and domestic bullion markets recorded fresh gains, pushing gold and silver rates higher across Pakistan.
According to market data released on Tuesday, precious metals continued their upward trend amid strong international pricing momentum and sustained investor demand.
International Gold Prices Climb
In the global bullion market, the price of gold increased by $34 per ounce, reaching $5,172 per ounce.
The rise in international prices directly influenced domestic rates, as Pakistan’s gold market typically tracks global benchmarks alongside currency exchange fluctuations.
Market analysts attribute the upward movement to continued demand for safe-haven assets amid global economic uncertainty.
Local Gold Rates Increase Sharply
Following the international surge, local gold prices witnessed a significant increase.
-
Per tola gold price rose by Rs3,400, reaching Rs539,962.
-
Per 10 grams gold price increased by Rs2,915, settling at Rs462,930.
Jewelry traders reported heightened volatility in the market, with buyers closely monitoring daily fluctuations before making purchase decisions.
Silver Prices Also Rise
Silver prices followed a similar upward trend in both international and domestic markets.
-
Per tola silver price increased by Rs192, reaching Rs9,286.
-
Per 10 grams silver price rose by Rs165, reaching Rs7,961.
Traders noted that silver’s movement often mirrors gold trends, though with relatively smaller margin shifts.
Impact on Local Buyers
The continued increase in gold prices has made jewelry purchases more expensive for consumers.
Retailers say demand typically slows when prices surge sharply, particularly among middle-income buyers planning weddings or investment purchases.
However, investors seeking asset protection often turn to gold during periods of currency pressure and global uncertainty.
Factors Driving the Increase
Precious metal prices are influenced by several factors, including:
-
Global economic outlook
-
US dollar strength
-
Inflation trends
-
Geopolitical tensions
-
Central bank policy decisions
Market observers say sustained volatility in global markets continues to support gold as a preferred hedge asset.
Market Outlook
Analysts suggest that if international prices remain elevated, local gold rates may continue fluctuating in the coming days.
Currency exchange movements will also play a key role in determining domestic price adjustments.
For now, bullion traders remain cautious, advising buyers to track daily rate announcements before making large purchases.