Karachi, September 13, 2024 – Gold prices in Pakistan surged to a new all-time high, hitting Rs 265,900 per tola (11.66 grams) on Friday, September 13, 2024. This sharp increase followed a rise from the previous day’s closing price of Rs 263,000 per tola. The latest surge surpassed the previous record of Rs 264,000, which was also reached earlier the same day.
The 24-karat gold per 10 grams also saw a significant jump, increasing by Rs 2,486 to settle at Rs 227,966 from the previous closing price of Rs 225,480. The continuous rise in domestic gold prices has raised concerns among traders and consumers alike, with many turning to gold as a hedge against inflation and economic uncertainty.
Experts in the bullion market attributed this surge to the rising prices in international markets. Gold prices globally climbed by $57, reaching $2,566 per ounce, up from the previous day’s closing price of $2,515 per ounce. The increase in international gold prices is being driven by several factors, including economic instability, geopolitical tensions, and fluctuating global demand.
Pakistan’s gold market is particularly sensitive to international price fluctuations due to the country’s reliance on imported gold. With limited domestic gold production, Pakistan heavily depends on imports, making the local gold prices closely tied to international market trends. Any significant movement in the global bullion market tends to have a direct impact on prices in Pakistan, and the current surge is no exception.
Rising inflation, currency depreciation, and a weakening Pakistani rupee have further exacerbated the situation. The local currency’s decline has increased the cost of imports, including gold, contributing to the record-high prices.
For Pakistani consumers, particularly those involved in the jewelry sector, these price hikes have had a significant impact. The wedding season, which usually sees an increase in gold purchases, has been affected as buyers are forced to reconsider their plans in light of the skyrocketing prices.
Market analysts expect gold prices to remain volatile in the near future as global economic uncertainties continue to play a key role in driving demand for safe-haven assets like gold. Until international conditions stabilize, the upward pressure on gold prices in Pakistan is likely to persist, making it a closely watched market by investors and traders alike.
