Karachi, March 9, 2024 – The gold market in Pakistan experienced an impressive surge, marking its ninth consecutive day of gains on Saturday, fueled by the ongoing rally in the international markets.
The price of 24-karat gold per tola, a traditional measure in the region, witnessed a remarkable increase from Rs 214,800 on February 28, 2024, to reach Rs 230,280 on March 9, 2024, representing a substantial gain of 7.2 percent during this period.
In the local bullion market, the gold 24-karat per tola recorded a notable rise of Rs 1,600 on the ninth consecutive day, reaching Rs 230,280, compared to the previous day’s closing value of Rs 228,600. Similarly, the price of gold 24-karat per 10 grams saw an increase of Rs 1,372, closing at Rs 197,360 from the previous day’s Rs 195,988 in the domestic markets.
The consistent upward trajectory of gold prices in Pakistan has been attributed to the sharp and sustained increase in the global market. Bullion market experts point to various factors contributing to this trend, including geopolitical tensions, economic uncertainties, and the overall demand for safe-haven assets.
The global gold market also witnessed a significant surge, with the precious metal recording an increase of $18 to reach $2,198 per ounce on March 9, 2024, compared to the previous day’s closing value of $2,180. This surge in the international market has further fueled the momentum in Pakistan’s domestic gold prices, as the country remains responsive to global economic shifts and market dynamics.
Investors and traders in Pakistan are closely monitoring the evolving situation, adjusting their strategies to capitalize on the prevailing bullish trend in the gold market. The surge in gold prices has not only captured the attention of individual investors but also prompted discussions among financial analysts about the potential implications for the broader economy.
While the surge in gold prices is a positive development for those who have already invested in the precious metal, it also raises concerns about the impact on industries dependent on gold, such as jewelry manufacturing and retail. The rising prices may influence consumer behavior and spending patterns, potentially affecting businesses throughout the supply chain.
As the gold market in Pakistan continues to experience remarkable gains, market participants remain vigilant, watching for any shifts in global economic indicators and geopolitical events that could further impact the trajectory of gold prices. The coming days are expected to provide more insights into whether this upward trend will persist or if adjustments in the market are on the horizon.