Karachi, August 1, 2024 – The gold prices in Pakistan have hit an all-time high, reaching Rs 254,900 on Thursday. This surge is attributed to the uptrend in international markets and the continuous weakening of the rupee.
Previously, the highest price for gold was recorded on July 18, 2024, when the precious metal reached Rs 254,000. The recent increase marks a significant milestone as the gold 24-karat per tola rose by Rs 1,400, climbing from the previous day’s closing price of Rs 253,500 to Rs 254,900 in local markets.
Similarly, the gold 24-karat per 10 grams saw an increase of Rs 1,201, ending at Rs 218,536 from the last day’s closing of Rs 217,335 in the domestic bullion markets. This upward trend in gold prices reflects the broader movements in the international market and the depreciation of the Pakistani rupee.
Bullion market analysts have pointed to the rise in international gold prices as a key driver of the domestic surge. The gold price in the international market increased by $17, reaching $2,423 per ounce, up from the previous day’s closing of $2,406. This hike, coupled with the ongoing depreciation of the Pakistani rupee against the dollar, has significantly influenced local gold prices.
The rupee’s depreciation has been a persistent issue throughout the ongoing week, exacerbating the impact on gold prices. Pakistan, which is heavily reliant on gold imports, faces direct consequences from fluctuations in the exchange rate. As the rupee weakens, the cost of importing gold increases, driving up domestic prices.
Experts suggest that the local bullion market will continue to respond to global price trends and currency exchange rates. The international gold market has been experiencing volatility due to various geopolitical and economic factors, including inflation concerns and central bank policies.
Market observers are closely watching these developments as they anticipate further fluctuations in gold prices. Investors and consumers alike are feeling the effects of these price changes. The surge in gold prices has significant implications for the jewelry industry and for those considering gold as a safe investment amid economic uncertainty.
In conclusion, the record-breaking gold prices in Pakistan highlight the interconnectedness of the global economy and local market dynamics. As international gold prices rise and the rupee continues to weaken, the domestic market is poised to experience further volatility. Stakeholders in the bullion market will need to stay vigilant and adaptable to navigate these shifting economic landscapes.