Gold Prices Edge Higher in Pakistan Amid Global Market Gains

Gold Prices Edge Higher in Pakistan Amid Global Market Gains

Karachi, October 7, 2024 – Gold prices in Pakistan saw a slight uptick on Monday, rising by Rs 200 per tola as a result of minor gains in international markets. The price for 24-karat gold increased to Rs 275,700 per tola, up from the previous closing price of Rs 275,500 in the local bullion market.

This marks a continued fluctuation in the precious metal’s value, which had reached an all-time high of Rs 277,000 per tola on September 26, 2024. Despite this increase, gold prices remain under the psychological threshold of Rs 280,000 per tola, maintaining relative stability compared to recent surges.

Additionally, the price of 24-karat gold per 10 grams rose by Rs 171, bringing the new rate to Rs 236,368, compared to Rs 236,197 in the previous trading session. The modest increase mirrors the broader global trend as gold continues to hold its appeal amid economic uncertainties.

Bullion market experts attributed the rise in local gold prices to shifts in the international gold market. On Monday, the price of gold in the global market saw a slight gain of $3 per ounce, settling at $2,656, up from $2,653 in the previous session. Analysts suggest this increase reflects the ongoing volatility in international financial markets, driven by inflation concerns, geopolitical tensions, and currency fluctuations.

“Global factors such as inflationary pressures and investor demand for safe-haven assets continue to influence gold prices both internationally and locally,” a bullion analyst commented. “Gold remains a preferred investment in uncertain times, and we can expect price movements in the domestic market to follow international trends.”

Pakistan’s gold market, highly sensitive to global fluctuations, continues to react to even slight changes in the international spot price of gold. With the rupee showing signs of recovery in recent weeks, local demand for gold in Pakistan has also experienced marginal shifts, though the precious metal remains a popular hedge against inflation for many investors.

Looking ahead, experts predict that the gold market in Pakistan will continue to experience fluctuations, with global economic factors and central bank policies being the key determinants. However, barring any significant shifts in global markets, prices in Pakistan are expected to remain relatively stable in the near term.

As the country navigates its economic challenges, gold remains a vital asset for both investors and consumers, reflecting its enduring value amid fluctuating financial landscapes.