Karachi, April 1, 2024 – The bullion market in Pakistan experienced a significant surge in prices on Monday, with gold reaching Rs 237,600 per tola, inching closer to the historic high in the country. This rise comes amidst a global trend of soaring gold prices.
The gold rates hit an all-time high of Rs 240,000 per Tola on May 10, 2023. Today’s increase of Rs 2,800 from the previous closing of Rs 234,800 indicates a notable upward trend in the precious metal’s value.
Furthermore, the price of gold 24-karat per 10 grams also saw a significant jump, rising by Rs 2,401 to reach Rs 203,704 compared to the last closing price of Rs 201,303.
Experts attribute this surge in domestic gold prices to the record-high levels witnessed in the international markets. Gold saw an increase of $24, reaching an all-time high level of $2,278 per ounce in the international market, compared to the previous closing of $2,254.
The continuous rise in gold prices globally has been driven by various factors, including geopolitical tensions, economic uncertainties, and inflationary concerns. Investors often turn to gold as a safe-haven asset during times of instability, which leads to increased demand and subsequently higher prices.
Pakistan, like many other countries, is not immune to these global trends. The local market closely tracks international gold prices, and any significant movements in the global market are quickly reflected in domestic prices.
The surge in gold prices has implications for various sectors of the Pakistani economy. While it may benefit gold traders and investors, it could also lead to increased costs for industries that rely on gold, such as jewelry manufacturers. Consumers may also feel the impact, as higher gold prices could translate into higher prices for gold jewelry and other products.
Furthermore, the rise in gold prices can have broader economic implications. It could affect the country’s balance of trade by increasing the import bill for gold, as Pakistan is a net importer of the precious metal. Additionally, it could impact the country’s foreign exchange reserves, as gold is often held as a reserve asset by central banks.
In response to the surge in gold prices, investors and traders in Pakistan are closely monitoring market developments and adjusting their strategies accordingly. Many are also keeping an eye on global economic and geopolitical developments, as these factors will continue to influence the direction of gold prices in the coming days and weeks.
As gold inches closer to its historic high in Pakistan, all eyes will be on the market to see whether it can surpass previous records and continue its upward trajectory in the days ahead.
