Canada Global (Web News) On Tuesday, the cost of gold per tola shot through the roof.
According to the All Pakistan Gems and Jewels Association, the new price of gold per tola was Rs189,300 on Tuesday due to a rise of Rs1,150. The cost of 10 grammes of gold rose to Rs162,294.
According to the association, a gold ounce currently costs $1,938 on the global market after a $14 increase.
Canada Global (Web News) The local market’s price of gold decreased by Rs100 per tola.
Data from the All Sindh Saraf Jewellers Association indicates that the local market’s price for gold has decreased to Rs184,400 per tola. Similar to this, the cost of 10-gram gold dropped by Rs86 to Rs158,093.
Prices for gold dropped by $6 to $1,909 per ounce on the world market. The price of silver per tola stayed the same at Rs2,080. The cost of ten grammes of silver remained constant at Rs 1,800.41.
Canada Global (Web News) Gold and silver prices rose again on Wednesday, with gold surging to a six-month high. On Tuesday, silver reached an eight-month high. This first trading week of 2023 features safe-haven demand amid shaky global stock markets.
Chart-based buying is also being prompted by technical postures for gold and silver. Last month, gold was up $21.70 at $1,867.80, and silver was up $0.219 at $24.48.
Overnight, most stock markets around the world were firmer. When the New York day session starts, U.S. market indices are pointing toward slightly higher openings. Even still, the market is experiencing more apprehension in this first week of the new year.
Traders are on edge due to the possibility of sluggish economic development in the major industrialised nations as well as serious price inflation in 2023.
A sign of market unease appeared on Tuesday, when gold prices achieved significant increases despite a sharp increase in the U.S. dollar index. In recent months, there has been a consistent daily inverse link between the USDX and gold prices.
This week’s gold market gain coincides with unstable global stock markets and concerns that mounting Covid infections in China will continue to hurt the second-largest economy in the world.
Today’s major international markets show a decline in the US dollar index. The price of crude oil on the Nymex is currently trading at about $75.00 per barrel. The benchmark 10-year Treasury note’s current yield is 3.681% in the interim.
Canada Global (Web News) Due to the country’s lack of dollars, investors turned their attention to gold, which led to its price in Pakistan reaching a record high of Rs169,650 a tola on Monday.
As investors continued to seek refuge in the safe-haven metal due to growing worries that the nation’s economic situation could worsen, the price of gold increased by Rs2,350 to an all-time high.
All Pakistan Sarafa Gems and Jewellers Association (APSGJA) data indicates that the price of gold increased by Rs2,016 per 10 grammes to settle at Rs145,448.
In the meantime, silver prices rose over the crucial Rs1,900 per tola mark. Price increases of Rs. 80 per tola and Rs. 68.58 per gramme brought the price to an all-time high of Rs. 1,970 and Rs. 1,688.95.