Karachi, December 18, 2024 – On Wednesday, gold prices in Pakistan settled at Rs 275,900 per Tola, marking an increase of Rs 1,000 from the previous day. This upward movement reflects the growing demand for the precious metal in domestic markets amid global price trends.
The price of 24-karat gold per Tola was recorded at Rs 274,900 earlier in the day, indicating a steady rise in value over the past few weeks.
In the context of recent market fluctuations, the price of gold in Pakistan hit a record high of Rs 287,900 per Tola on October 30, 2024, highlighting the volatility and importance of the yellow metal in the country’s economic landscape. At present, gold prices continue to reflect a strong demand, which is influenced by various global and domestic factors.
In addition to the per Tola price, the cost of 24-karat gold per 10 grams in Pakistan also saw an increase of Rs 858, rising from Rs 235,685 to Rs 236,540. This shift in pricing has been observed across various local markets in Pakistan, signaling continued interest in gold as a safe-haven investment and store of value.
Experts in the bullion market attribute this rise in gold prices in Pakistan to a significant upsurge in the international markets. Globally, the price of gold increased by $10 per ounce, reaching $2,647, up from the previous day’s closing of $2,637. This global price movement has a direct impact on gold prices in Pakistan, given the interconnectedness of international and local bullion markets.
The ongoing increase in gold prices underscores the volatility of the commodity, with investors and consumers in Pakistan closely monitoring trends in the global markets. With the global economy showing signs of uncertainty, demand for gold in Pakistan is expected to remain high, potentially driving further fluctuations in local gold prices in the near future.