Gold prices change from situation to situation and the demand of how much gold is needed. Gold has been recorded as the safest and most valuable thing for investment so far. In recent years its prices have suffered different fluctuations. As the month of Muharram approaches there is a notable difference can be seen.
Relation of gold with the Islamic Month of Muharram
Muharram is the first month in the Islamic calendar. This month is the most important for the Muslim Shia community worldwide. It is a period of reflection and mourning particularly for Shiia Muslims as they commemorate the martyrdom of Imam Hussain the Grandson of Prophet Muhammad [P.B.U.H] in the battle of Karbala. When this month arrives the Muslim Shia community buys and invests in gold. This month the demand for Gold in the market increased all over the world. And because of the high demand in this particular month, the prices of Gold also rose.
Safe Haven Demand
During times of economic instability, geopolitical tensions, or Global uncertainty the price of Gold increases. The emotional and sensitive nature of Muharram coupled with great historical events for Muslims can lead to a massive increase in the price of gold particularly this month
Muharram holds cultural significance and importance, especially for Shia Muslims who are in great portion of the global Muslim population. They often give gold as a gift to their family and friends as a cultural thing or they invest in gold, particularly in this month.
A recent increase in the Price of Gold
On July 12th, 2023 there was a decrease in the price of gold. But now as the month of Muharram approached they are an increase in the prices of gold. According to the data provided by the All-Pakistan Safara Gems and Jewelers Association [APSGJA], the price of 24-carat gold rose by 4,000. So now per tola rate is
|Per Tola Gold||206,700PKR||189749PKR|
|Per 10 Gram||177,470PKR||162680PKR|
Not only Gold but silver prices also increased. Different cities have different prices of gold. The difference in price from city to city varies because of export and quality and the city’s demand.
International Gold Price
There is an increase of $13 dollars in the price of gold which is rising up to $19,59 per ounce. The rise in the gold price is due to the economic condition and because of the high demand. The rise in Pakistan is due to the inflation condition of the country. And often in this period of time, people often invest in gold for a profitable outcome.