Karachi, December 26, 2024 – Gold prices in Pakistan experienced a notable increase of Rs 1,400 per tola on Thursday, driven by a sharp rise in the international bullion market. This surge brought the price of 24-karat gold to Rs 274,000 per tola, up from the previous closing rate of Rs 272,600 in local markets.
The increase in gold prices in Pakistan has once again drawn attention to the volatile yet historically bullish trend in the precious metals market. It is worth noting that gold prices in Pakistan reached an all-time high of Rs 287,900 per tola on October 30, 2024, reflecting the growing demand for gold as a hedge against economic uncertainty.
Similarly, the price of 24-karat gold per 10 grams witnessed a significant rise of Rs 1,200, closing at Rs 234,911 compared to Rs 233,711 in the previous session. Market analysts highlight that the domestic gold prices in Pakistan are heavily influenced by international trends, coupled with fluctuations in the Pakistani rupee against the US dollar.
Globally, gold prices climbed by $14 per ounce, closing at $2,628 compared to the previous rate of $2,614. Bullion market experts attribute this upward trend to heightened geopolitical tensions and concerns over inflation, which have spurred increased investment in safe-haven assets like gold. The international surge has, in turn, directly impacted gold prices in Pakistan.
Additionally, the domestic gold market is responding to seasonal demand as well as speculative buying. With the wedding season in full swing, the demand for gold jewelry has risen, further contributing to the increase in gold prices in Pakistan.
Experts believe that gold prices in Pakistan will remain sensitive to global economic dynamics, including US Federal Reserve policies and currency exchange rates. Given the current trajectory, potential buyers and investors are advised to stay informed about market trends before making significant transactions.
As gold continues to solidify its position as a preferred investment during uncertain times, the latest increase underscores its enduring appeal, particularly in Pakistan’s market, where it is both a traditional and strategic asset.