Karachi, December 28, 2024 – The gold prices in Pakistan held steady on Saturday as the international market remained unchanged, providing no impetus for fluctuations in the local bullion rates.
The price of 24-karat gold per tola closed at Rs 273,200, identical to the previous day’s rate. This stability in prices comes after significant volatility earlier this year, with gold reaching its highest level of Rs 287,900 per tola on October 30, 2024. The steady trend reflects a temporary pause in market activity as traders assess international cues.
Similarly, the price of 24-karat gold per 10 grams in Pakistan also remained static at Rs 234,225. The consistent rates over the past few days suggest subdued activity in the local market, which typically reacts to fluctuations in the global gold prices and the rupee’s performance against the US dollar.
On the global front, gold prices remained steady at $2,620 per ounce. The international gold market’s stability reflects ongoing uncertainty over macroeconomic factors, including inflation trends, interest rate policies, and geopolitical events. These factors continue to influence investor sentiment, keeping gold’s safe-haven appeal intact.
Market analysts attribute the lack of movement to the holiday season, which usually sees reduced trading volumes. However, they warn that gold prices could experience renewed volatility as financial markets reopen fully in January, and investors react to economic data and monetary policy signals from central banks worldwide.
The local gold market in Pakistan is also influenced by additional factors such as import policies, currency exchange rates, and domestic demand, particularly during wedding seasons. Although the current stability provides some respite to buyers, the potential for price fluctuations remains high in the coming weeks.
For now, traders and buyers in Pakistan’s gold market are keeping a close eye on developments in the global economy, which are likely to dictate the future trajectory of gold prices both locally and internationally.
