Karachi, December 23, 2024 – The price of 24-karat gold in Pakistan remained steady on Monday, closing at Rs 273,400 per tola, as international markets exhibited stability. Similarly, the price for 10 grams of 24-karat gold in the local market also remained unchanged at Rs 234,396, reflecting a day of stagnation in gold valuations.
Gold prices in Pakistan, which have been closely tracking trends in international markets, reached an all-time high of Rs 287,900 per tola on October 30, 2024. Since then, fluctuations in both global and domestic economic conditions have contributed to changes in the precious metal’s pricing.
International Gold Market Trends
In the global market, gold prices held firm at $2,622 per ounce, with no significant movement recorded over the past 24 hours. Investors worldwide have kept a cautious eye on economic data and policy developments, particularly regarding inflation and interest rates.
Experts attribute the current stability to a balancing act between mixed signals from the U.S. Federal Reserve about future interest rate adjustments and easing concerns over geopolitical tensions helped steady gold prices. Both factors typically impact gold demand, as the metal is seen as a hedge against uncertainty.
Pakistan’s Gold Market Dynamics
In Pakistan, the gold market has been significantly influenced by the depreciation of the Pakistani Rupee against the U.S. Dollar and the rising cost of imports. Local jewelers and traders have also reported moderate demand, especially in urban hubs like Karachi and Lahore, as buyers remain cautious due to high prices.
Despite the record highs witnessed earlier this year, gold continues to attract investors as a safe haven asset. With the international price trend being a key determinant for domestic rates, local markets are expected to remain stable unless significant changes occur globally.
The unchanged rates offer some respite to buyers and investors as the year draws to a close, though many remain alert to potential market shifts heading into 2025.