24-karat gold jumps Rs4,600 per tola on July 22 as international bullion prices hit fresh highs
KARACHI: Gold prices in Pakistan extended their strong upward trend on Wednesday, with the price of 24-karat gold rising by Rs4,600 per tola, taking the cumulative increase over the past four trading sessions to Rs12,000, as international bullion prices continued to rally.
The sustained gains in the domestic market mirrored a sharp rise in global gold prices, driven by increased demand for safe-haven assets amid persistent geopolitical uncertainty and expectations over future monetary policy.
According to the All Pakistan Gems and Jewellers Association (APGJA), the price of 24-karat gold settled at Rs433,836 per tola, compared with Rs429,236 in the previous trading session.
The price of 24-karat gold per 10 grams also increased by Rs3,944 to Rs371,944, up from Rs368,000 a day earlier.
International bullion market extends gains
The latest rise in gold prices in Pakistan followed another strong performance in international bullion markets.
Spot gold advanced by $46 per ounce to $4,114, compared with $4,068 in the previous session, as investors continued to seek the precious metal amid heightened global uncertainty.
The increase in international prices was quickly reflected in Pakistan’s local bullion market, where dealers adjusted prices in line with global trends.
Safe-haven demand drives rally
Market analysts said continued geopolitical tensions and uncertainty surrounding the global economic outlook have strengthened investor demand for gold as a traditional safe-haven asset.
Expectations regarding central bank interest rate policies have also remained a key factor influencing bullion prices, with lower rate expectations generally supporting demand for non-yielding assets such as gold.
Outlook
Gold prices in Pakistan are primarily influenced by international bullion market movements and fluctuations in the rupee-dollar exchange rate.
With global gold prices trading near record highs, analysts expect the domestic bullion market to remain highly sensitive to developments in the global economy, monetary policy decisions and geopolitical events, which are likely to determine the next direction of gold prices.