Gold Price Holds Steady Near Record High After Sharp Rise Yesterday
After witnessing a sharp surge in the previous session, the gold price holds steady near its all time high today. The international and local markets are both showing signs of stability, even as global uncertainties continue to drive demand for safe-haven assets like gold.
This current pause in upward movement comes as investors take a breather and closely monitor central bank policies, inflation data, and geopolitical risks.
Gold Price Remains Stable in Local Market
In the Pakistani market, gold rates maintained yesterday’s gains. According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24 karat gold remained unchanged at PKR 242,700 per tola. Meanwhile, the 10 gram rate stood firm at PKR 208,076.
This marks a historic moment, as gold price holds steady just below the all time peak set earlier this year.
Jewelers in Karachi and Lahore noted a calm day in the market after Wednesday’s rapid increase. “There is less buying today, but the prices are still high. People are waiting to see if this is the new normal,” said a jeweler in Lahore’s Liberty Market.
International Gold Prices Mirror Stability
On the international front, gold prices also showed a stable pattern. Spot gold held around $2,460 per ounce after rising sharply in the last trading session. The surge was driven by a drop in the U.S. dollar index and increased buying from central banks.
Analysts say that while momentum has slowed down today, market sentiment remains bullish overall. The fact that gold price holds steady at such elevated levels signals strong underlying demand.
According to commodities expert Daniel Hynes of ANZ Bank, “The current price movement reflects consolidation. We expect gold to remain strong due to ongoing global uncertainty.”
Why Did Gold Rise Yesterday?
The sharp rise in gold prices yesterday can be attributed to several global and local developments:
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Weak U.S. Dollar
The dollar index fell after dovish comments from the U.S. Federal Reserve, making gold cheaper for investors using other currencies. -
Rising Inflation Concerns
Inflation figures in both the U.S. and Europe exceeded expectations. This pushed investors toward gold, traditionally seen as a hedge against inflation. -
Geopolitical Tensions
Ongoing conflicts in Eastern Europe and the Middle East increased demand for safe-haven investments. -
Central Bank Buying
Several central banks, including those of China and India, were reported to have increased their gold reserves.
All these factors combined to push gold prices higher, and today, the gold price holds steady as markets absorb the previous gains.
Investors Adopt Wait and See Approach
Despite high prices, many investors are staying cautious. According to market insiders, the buying spree seen yesterday has cooled off. Many investors and buyers are now waiting to see if gold will continue its upward trend or retreat slightly.
Financial advisors are suggesting retail investors approach with caution. “We advise people not to panic buy. Gold is a long-term asset. Wait for price corrections before making big investments,” said Muhammad Tariq, a Lahore-based investment advisor.
At the same time, those who already hold gold are finding comfort in the fact that the gold price holds steady and doesn’t show immediate signs of a sharp fall.
Outlook for Gold in the Coming Weeks
Experts believe that gold may continue to trade in a tight range unless major economic events shake up the markets again.
Upcoming U.S. jobs data, central bank interest rate announcements, and geopolitical developments could all play a role in future price movements.
“If inflation stays high and interest rates remain low, gold will likely continue to do well. For now, we’re in a consolidation phase,” said commodities analyst Amina Khursheed.
With the current momentum and market sentiment, the possibility of gold reaching new highs in the coming weeks cannot be ruled out.
What It Means for the Average Buyer
For regular gold buyers in Pakistan especially those purchasing for weddings or investment, these high prices are a mixed blessing. On one hand, it’s an indication of strong asset value. On the other, it makes it difficult for middle-income families to afford gold in bulk.
Still, with the gold price holds steady, many buyers are taking their time. “We’re waiting to see if prices drop before buying for my daughter’s wedding next month,” said a shopper at Karachi’s Sarafa Bazaar.
Jewelers are also adjusting their sales strategies, offering lighter-weight jewelry and discounted making charges to attract budget conscious customers.
Final Thoughts
The fact that the gold price holds steady near record highs is a sign of market strength and global demand. While yesterday’s sharp rise sparked excitement, today’s calm is equally important. It reflects a stable market where investors are confident but cautious.
As the global economy continues to face uncertainty, gold will likely remain a key player in investment portfolios. Whether prices rise further or adjust slightly, gold’s role as a reliable store of value remains unchanged.
For now, both buyers and sellers are closely watching the market, knowing that in such volatile times, gold continues to shine—quietly and confidently.
