Gold prices soar to Rs202,400 per tola in domestic bullion

March 15, 2023 (MLN): Gold continued to remain in the limelight in domestic and in international markets as investors sought out the safe haven asset amidst fears of a banking sector crisis.

According to data released by the All Sindh Sarafa Jewellers Association, the price of 24-karat gold rose by Rs900 per tola to reach a whopping Rs202,400 per tola in domestic bullion, while 10-gram 24k gold increased by Rs771, trading at Rs173,525.

The price of silver also saw an upward trend, with 24-karat and 10-gram silver increasing by Rs30 and Rs25.72, respectively.

In the international market, the yellow metal remained bullish, witnessing a significant surge of $25.72 to trade at $1,843, while silver stood at $22.25.

The surge in gold prices came as Credit Suisse shares tumbled, sparking concerns about the stability of the banking sector and prompting investors to flock towards safer assets.

Investors are closely monitoring the situation and preparing for any potential economic turmoil.

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