Karachi, April 15, 2024 – Gold prices in Pakistan experienced a notable rebound on Monday, closing at Rs 247,300 per tola, nearing its all-time high.
The surge in domestic gold prices mirrored the trend in international markets, where the precious metal saw an uptick in value.
The price of 24 karat gold per tola surged by Rs 800, marking a significant increase from the previous closing of Rs 246,500 in the domestic markets. This resurgence brings gold prices close to the all-time high of Rs 247,600, which was recorded on April 9, 2024.
Similarly, the price of 24 karat gold per 10 grams also witnessed a notable increase, rising by Rs 686 to close at Rs 212,020 compared to the previous closing of Rs 211,334 in local markets.
Market analysts attribute the sharp rise in domestic gold prices to the corresponding increase observed in international markets. On the global front, the price of gold rose by $8 to reach $2,371 per ounce, up from the previous closing of $2,364.
The resurgence in gold prices comes amid ongoing geopolitical tensions and economic uncertainties globally, driving investors towards safe-haven assets such as gold. The demand for gold tends to increase during periods of market volatility and inflationary pressures, as investors seek to hedge against potential risks to their portfolios.
Furthermore, the recent escalation in tensions between major geopolitical players has fueled concerns about the stability of global markets, prompting investors to flock towards assets perceived as safer stores of value.
Gold has long been regarded as a reliable store of wealth and a hedge against economic instability, making it a popular choice for investors during times of uncertainty. The metal’s intrinsic value and limited supply contribute to its appeal as a safe-haven asset, particularly in times of economic turbulence.
In addition to geopolitical factors, other market dynamics, such as fluctuations in currency exchange rates and central bank policies, also influence the price of gold. As central banks around the world implement monetary stimulus measures to mitigate the economic impact of the ongoing global challenges, investors are increasingly turning to gold as a means of preserving their wealth.
Looking ahead, market analysts anticipate continued volatility in both domestic and international gold prices, driven by geopolitical developments, economic indicators, and investor sentiment. While the near-record high reached by gold prices in Pakistan underscores the metal’s appeal as a safe-haven asset, it also highlights the prevailing uncertainties and risks in the global economic landscape.
As investors navigate the uncertain terrain of the financial markets, the allure of gold as a reliable store of value is likely to remain strong, sustaining demand and supporting its price momentum in the foreseeable future.
In conclusion, the rebound in gold prices in Pakistan to reach Rs 247,300 per tola reflects the broader trend observed in international markets, driven by geopolitical tensions and economic uncertainties. As investors seek refuge in safe-haven assets amidst market volatility, gold continues to reaffirm its status as a reliable store of wealth and a hedge against instability.
