Karachi, October 11, 2024 – Gold prices in Pakistan witnessed a significant surge on Friday, climbing by Rs 2,700 per tola amid ongoing volatility in the global markets. The price of 24-karat gold rose to Rs 273,900, up from the previous day’s closing of Rs 271,200 in local markets.
This increase follows a recent trend of fluctuations, with gold prices reaching a record high of Rs 277,000 per tola in Pakistan on September 26, 2024. Since then, the market has experienced considerable instability, affecting both local and international gold prices.
In addition to the per tola price, the price of 24-karat gold per 10 grams also saw a notable increase of Rs 2,315, bringing it to Rs 234,825 from the last day’s closing of Rs 232,510 in Pakistan. This fluctuation reflects the broader trends in the gold market, as prices continue to respond to external factors.
Bullion market analysts have pointed to the recent surge in international gold prices as a key driver behind the rise in local rates. Gold prices in the international market increased by $27 to close at $2,640 per ounce, compared to the previous day’s closing of $2,613. The dynamics of the global market, including shifts in investor sentiment and economic indicators, have contributed to this uptick, influencing local pricing in countries like Pakistan.
The increase in gold prices has raised concerns among consumers and investors alike, particularly as many see gold as a safe haven during uncertain economic times. The rising costs could impact consumer purchasing power and investment decisions, with many looking for alternative ways to safeguard their wealth in light of increasing gold prices.
Despite the recent spike, experts caution that gold prices remain highly volatile and can be influenced by a variety of factors, including fluctuations in currency values, changes in interest rates, and geopolitical developments. As such, market participants are advised to stay informed about global economic trends that could further affect the price of gold in the coming days.
As gold remains a popular investment and savings option in Pakistan, the current volatility serves as a reminder of the challenges faced by investors in navigating the precious metals market. Stakeholders are encouraged to approach gold investments with a balanced strategy, keeping an eye on both local and international developments that may shape future price movements.