Karachi, October 17, 2024 – Gold prices in Pakistan reached an all-time high on Thursday, with the cost of 24-karat gold rising to Rs 277,900 per tola. The increase reflects a surge in global gold markets, where the precious metal continues to attract investors amid economic uncertainties.
According to the Pakistan Bullion Market Association, the price of 24-karat gold increased by Rs 700 compared to the previous day’s closing of Rs 277,200 per tola, which had already set a record high. This consistent upward trend in gold prices comes as international markets also experience a rise in demand.
The price of 24-karat gold per 10 grams saw a corresponding increase, climbing by Rs 600 to Rs 238,254, up from Rs 237,654 on Wednesday. This marks another significant milestone for the domestic gold market, which has seen a steady rise in prices throughout 2024.
Global Influence on Gold Prices
Bullion market experts attribute the rising gold prices in Pakistan to the surge in global markets. Gold prices on the international stage rose by $7 per ounce, bringing the cost to $2,682 from the previous day’s closing of $2,675. The increase is driven by global economic uncertainties, including fluctuating currencies, inflationary pressures, and concerns about the stability of traditional financial markets.
As a result, investors are increasingly turning to gold as a safe haven, pushing its price higher. Pakistan’s gold market is closely tied to international trends, and any fluctuations in global prices are quickly reflected in local markets.
Economic Factors
Local market experts also point to the depreciation of the Pakistani rupee against the US dollar as a contributing factor to the rise in gold prices. The weakened rupee has made gold more expensive for local buyers, who now have to pay a premium as the cost of importing gold rises in line with the global price increase.
With inflation and currency fluctuations continuing to affect the Pakistani economy, gold remains an attractive investment for those looking to hedge against market volatility. Analysts predict that the upward trend in gold prices is likely to persist in the near term as global economic concerns remain unresolved.
Market Response
Gold traders and investors in Pakistan are closely monitoring the market as prices reach unprecedented levels. While some buyers may be hesitant due to the high prices, others see this as an opportunity to invest in gold, anticipating further price hikes.
For the time being, gold remains a key asset for those seeking stability in an uncertain economic environment.