Karachi, July 18, 2024: Gold prices in Pakistan on Thursday skyrocketed to an unprecedented high of Rs 254,000 per tola, reflecting a significant surge in international markets. This new record surpasses the previous all-time high of Rs 252,200, which was reached on April 20, 2024.
In the bullion markets of Pakistan, the price of 24-karat gold per tola saw an increase of Rs 4,600 from the previous closing of Rs 249,400. This substantial rise has brought the domestic Pakistan market to a new peak. Similarly, the price of 24-karat gold per 10 grams surged by Rs 3,944, climbing from Rs 213,772 to Rs 217,716 in Pakistan.
Experts in the bullion market in Pakistan have attributed this significant increase in domestic gold prices to the sharp rise in international markets. On the global stage, gold prices surged by $60, reaching $2,470 per ounce, up from the previous closing of $2,410. This international spike has had a direct impact on the prices within Pakistan, pushing them to record-breaking levels.
The dramatic rise in gold prices in Pakistan is largely seen as a response to various global economic factors. Analysts point to increasing geopolitical tensions, inflation concerns, and shifts in monetary policies as key drivers behind the surge. Investors, seeking safe-haven assets amidst economic uncertainty, have turned to gold, driving up its value both internationally and domestically.
In Pakistan, the escalating gold prices are also reflective of the country’s economic conditions. The Pakistani rupee has been under pressure, and the rising cost of gold is a clear indicator of the inflationary trends affecting the economy. For many in Pakistan, gold is not just a luxury item but a crucial form of savings and investment. The surge in prices is likely to have wide-ranging effects on consumers and investors alike.
Jewellers and traders in Karachi’s bustling bullion markets have reported increased activity as buyers and sellers react to the changing prices. While some consumers are rushing to purchase gold before prices rise further, others are taking advantage of the high prices to sell off their holdings.
As gold continues to be a pivotal asset in both domestic and international markets, the latest price surge is a reminder of its enduring value and significance. With global economic conditions remaining volatile, the gold market is expected to remain dynamic, with prices potentially continuing their upward trajectory.
This latest development in gold prices underscores the interconnectedness of global and domestic markets and highlights the importance of closely monitoring economic indicators that influence such critical assets.