Karachi, October 19, 2024 – In a breathtaking ascent, gold prices in Pakistan surged to an all-time high, hitting Rs 281,800 per tola on Saturday, marking the fourth consecutive record-breaking day in a jaw-dropping rally. The relentless rise in the precious metal’s value has captivated investors and citizens alike, who watch in awe as gold continues its climb to uncharted heights.
The price of 24-karat gold surged by Rs 900 from Friday’s close of Rs 280,900, leaving market participants stunned. The rise is not confined to the tola, as gold prices for 24-karat per 10 grams also spiked dramatically, gaining Rs 772 to settle at Rs 241,598, up from Rs 240,826.
This unprecedented rally is nothing short of a golden fever gripping the country, with each day bringing new peaks in the value of the cherished metal. Analysts, watching the meteoric rise closely, point to the international markets as the key driver behind Pakistan’s gold price surge. On the global stage, gold prices rose by $9, pushing the price per ounce to $2,721 from the previous day’s close of $2,712. The international upward trend has reverberated through Pakistan’s bullion market, intensifying the rally.
A Safe Haven in Tumultuous Times
Gold has long been seen as a fortress of stability in times of economic uncertainty, and its current surge reflects growing global concerns over inflation, geopolitical tensions, and volatile markets. As international economic headwinds grow stronger, so too does the appeal of gold, with investors fleeing towards its shelter.
The impact of this price rise is being felt across Pakistan’s financial landscape. From individual savers to institutional investors, the scramble to acquire gold is palpable. Jewelers across the country report increased demand despite the soaring prices, with many seeing gold as the ultimate safeguard against the ongoing economic turbulence.
Where Does It End?
The burning question on everyone’s lips: how far will gold’s rally go? Bullion market experts are divided, with some predicting further upward movement fueled by international factors, while others caution that a correction could be looming on the horizon. However, with every passing day, it seems the rally grows stronger, carrying with it the hopes and anxieties of a nation watching as their gold scales new heights.
For now, Pakistan’s gold rush shows no signs of slowing down, leaving traders, investors, and ordinary citizens in suspense as the price per tola climbs ever higher into the stratosphere.