Historic Surge in Gold Prices Across Local and International Markets Following US Election Setback for Republicans; Global Gold Reclaims Vital $4,000 Per Ounce Threshold
ISLAMABAD : Gold prices experienced a historic and unprecedented rally in both domestic and international markets as a result of sweeping political changes after the midterm elections in the U.S. were held.
The price of gold per tola in Pakistan has surged by Rs 13,900 to a jaw-dropping Rs 426,036, according to the All Pakistan Gems and Jewelers Association. Likewise, the price of 10 grams gold jumped Rs 11,917 to Rs 365,257 and silver touched Rs 5,663 per tola up Rs 295.
Highlight the major price factors behind the historic “gold rush” and the overall market conditions.
In international gold markets, international gold prices surged by $139 per ounce, and successfully cleared the important psychological level of $4,000, reaching $4,035 per ounce.
Macroeconomic and Political Drivers: Geopolitical tensions, economic uncertainties, the US dollar index, and investor safe-haven tendencies due to the US midterm election results all are seen as key factors that drive gold prices.
Local Currency and Exchange Rate Impact: Fluctuating international bullion rates and the constant exchange rate between rupee and dollar in the domestic sarafa markets play a major role in determining the retail prices in the sarafa markets of Pakistan.