Karachi, July 22, 2024 – The gold market in Karachi witnessed a significant upswing on Monday as the price of 24-karat gold surged by Rs 1,000 per tola, driven by an uptick in the international markets.
The new price of 24-karat gold per tola now stands at Rs 251,000, compared to the last closing rate of Rs 250,000. Similarly, the price of 24-karat gold per 10 grams has risen by Rs 857, reaching Rs 215,192 from the previous closing rate of Rs 214,335.
This rise in domestic gold prices can be largely attributed to the movements in the global market. On the international front, gold prices inched up by $2, closing at $2,402 per ounce compared to the previous closing price of $2,400.
Bullion market experts pointed out that the increase in domestic gold prices is a direct reflection of the trends observed in the international markets. They noted that fluctuations in the global gold market have a pronounced impact on the local market, which closely tracks these changes.
“The local gold prices are significantly influenced by international trends,” said a bullion market analyst. “When we see even a slight increase in the international gold prices, it directly affects our domestic market. The Rs 1,000 per tola increase today is a clear indication of the current global market trend.”
Gold traders and investors in Karachi have been closely monitoring the international market dynamics, which have been volatile due to various economic factors. The recent increase is seen as a response to global economic uncertainties, which often drive investors towards gold as a safe-haven asset.
In addition to international market influences, local market dynamics also play a crucial role. Seasonal demand, currency fluctuations, and geopolitical events can all contribute to the pricing of gold in the local market.
With the ongoing economic fluctuations, market watchers predict that gold prices may continue to show volatility in the coming days. Investors are advised to stay informed about both local and international market conditions to make well-informed decisions.
The recent surge in gold prices has also impacted the retail market. Jewelers in Karachi have adjusted their prices accordingly, reflecting the new rates in their daily transactions. This change is expected to influence consumer behavior, especially for those considering gold purchases for weddings or other significant events.
As gold continues to be a popular investment choice in Pakistan, market participants are keeping a close eye on the trends, awaiting further developments that could affect pricing in the near future.