Karachi, January 22, 2025 – Gold prices in Pakistan soared on Wednesday, nearing their all-time high after witnessing a substantial increase of Rs 4,250 per tola. This surge reflects a broader trend influenced by movements in international bullion markets.
The price of 24-karat gold per tola in Pakistan climbed to Rs 287,450, compared to the previous day’s closing value of Rs 283,200. This is only slightly below the record-high price of Rs 287,900 per tola, which was recorded on October 30, 2024. Similarly, the price of 24-karat gold per 10 grams rose by Rs 3,642 to reach Rs 246,440, up from Rs 242,798.
Bullion market experts in Pakistan have attributed this sudden surge to the sharp rise in global gold prices. In international markets, gold experienced a $40 increase, reaching $2,750 per ounce compared to the previous closing of $2,711. This significant jump in international gold prices has directly impacted domestic markets, further driving up rates.
The rise in gold prices in Pakistan is part of a broader trend that has been fueled by economic uncertainties and a growing preference for safe-haven assets. As the global economy grapples with inflationary pressures, geopolitical tensions, and fluctuating currency values, investors worldwide have turned to gold as a reliable store of value.
In Pakistan, the situation is compounded by local factors, including the depreciation of the Pakistani rupee against the US dollar. Currency fluctuations have made imported commodities, such as gold, more expensive for domestic buyers. Additionally, reduced confidence in traditional savings instruments has led many in Pakistan to invest in gold, further pushing up demand and prices.
The escalating gold prices in Pakistan have a significant impact on various sectors, particularly the jewelry industry, where costs are becoming increasingly prohibitive for middle-income consumers. Despite this, gold remains a favored investment in Pakistan due to its long-term value retention and cultural significance.
As international markets continue to influence domestic trends, market analysts in Pakistan anticipate further fluctuations in gold prices in the coming weeks, urging investors to remain cautious and closely monitor both local and global developments.