Gold prices in Pakistan extended their upward trend on Wednesday, while the security product remained in demand despite a hiccup in the world markets in the middle of American caliber, gems and all-pakistan Sarafa (APGJSA) jewelers have shown.
The price of gold by tola (11.7 grams) on the local market increased from RS700 to settle at RS307,000, while the rate of 10 grams increased by RS601 to reach RS263.203. Meanwhile, 22 carat gold rose to Rs241,278 by 10 grams after winning RS551.
Silver also followed the Gold rally, with an increase in the price per tola from RS54 to RS3.369, while the rates of 10 grams increased from RS46 to RS2,888, showed the association’s data.
International gold prices have dropped concerns about the prices announced by US President Donald Trump this week weighed on the feeling, while the emphasis went to Friday pay data for an overview of the next monetary policy decision of the federal reserve.
Gold at point dropped by 0.15% to $ 2,913.15 per 1,325 GMT. Prices have reached a record summit of $ 2,956.15 on February 24 and have earned 11% so far this year. US Gold term contracts increased by $ 2,924.30 per ounce.
Central banks increasing the purchase of safety metal in the fourth quarter, the demand for gold, in particular free trade (OTC) increased by 1% to a record summit of 4,974.5 metric tonnes in 2024 as the investment increased.
According to the World Gold Council (WGC), Central Banks, a large source of gold demand, bought more than 1,000 tonnes of metal for the third consecutive year in 2024.
In the last quarter of 2024, when Trump won the US elections, purchases by central banks accelerated by 54% over a year to 333 tonnes, the WGC calculated, on the basis of declared purchases and an estimate of non -declared purchasing.
The total demand for gold, excluding the OPAC OTC trading, increased from 1% to 4,553.7 tonnes last year, the highest since 2022, said WGC. He estimates that the request for a violence fell 7% due to a collapse in the last quarter of the year, because the profit taking compensates for the persistent demand from investors with high shuttle.
The consumption of gold jewelry, the largest category of physical demand, dropped by 11% in 2024, while the production of mines was stable and recycling increased by 15%.
The WGC expects the demand for jewelry to remain under pressure and that recycling increases more this year due to high prices.