Karachi, October 26, 2024 — Gold prices in Pakistan surged on Saturday, climbing by Rs 2,000 per tola to reach Rs 284,300, driven by a renewed rally in international markets.
This rebound comes just days after gold prices in Pakistan hit a record high of Rs 285,400 per tola on October 23, 2024, before showing slight declines over the past two sessions.
In addition to the increase in per tola prices, the 24-karat gold price per 10 grams also rose by Rs 1,714, reaching Rs 243,741 from the previous day’s closing of Rs 242,027 in the domestic market. This sharp uptick reflects local adjustments aligned with global price shifts, which have been influenced by escalating geopolitical tensions in the Middle East.
According to market analysts, this rebound is directly linked to a rise in international bullion rates, spurred by investors turning to safe-haven assets amidst uncertainties. On the global stage, gold prices climbed by $22, closing at $2,748 per ounce compared to the previous day’s close of $2,726. The geopolitical unrest has heightened market volatility, prompting both retail and institutional investors to increase gold holdings as a hedge against potential economic risks.
The surge in gold prices has amplified the metal’s appeal as a secure asset for Pakistani investors, especially as the local currency faces fluctuations. With mounting external pressures and inflationary trends, gold continues to be seen as a reliable store of value, leading to increased demand in the local bullion markets.
Bullion experts caution that the ongoing instability in the Middle East and fluctuations in the international gold markets may sustain high price levels in the near term. They also note that gold’s recent record highs might prompt some volatility but predict that any dips are likely to be temporary, as economic and geopolitical uncertainties keep demand elevated.
For Pakistani buyers, the surge comes at a time when gold has become increasingly challenging to afford due to the recent price hikes. However, the current market conditions have also underscored gold’s role as a crucial asset for preserving wealth in uncertain times. The persistent rally in gold prices serves as a reminder of the global interdependencies that influence local markets, with external factors like geopolitical tensions driving shifts in asset preferences worldwide.
As the international market continues to react to unfolding events, local gold prices are expected to remain sensitive to these trends, keeping both investors and consumers on alert for further price adjustments in the days ahead.