Karachi, November 27, 2024 – Gold prices in Pakistan experienced a significant increase on Wednesday, with the rate for 24-karat gold rising by Rs 1,600 per tola in local markets. The price closed at Rs 275,900 per tola, compared to the previous day’s rate of Rs 274,300.
This upward trend was also observed in the 10-gram rate, which climbed by Rs 1,372, closing at Rs 236,540 from the prior day’s Rs 235,168. The fluctuation follows a record high of Rs 287,900 per tola, achieved on October 30, 2024, after which the market saw sharp swings.
According to bullion market analysts, the surge in local gold prices aligns with rising trends in the international market. Gold prices in global markets rose by $16 per ounce, settling at $2,647 compared to $2,631 the previous day. Analysts attributed this increase to a combination of factors, including geopolitical uncertainties in the Middle East and expectations of prolonged global economic instability, which have driven investors toward safe-haven assets like gold.
They further highlighted that the volatility in Pakistan’s currency exchange rates also influences domestic gold prices. Since gold is an imported commodity, any depreciation of the Pakistani rupee against the US dollar directly impacts its local valuation.
Additionally, recent fluctuations in global oil prices and their implications for inflationary pressures have further fueled demand for gold as a hedge against economic uncertainty. The persistent geopolitical tensions in the Middle East have also maintained an upward bias in gold prices, both internationally and domestically.
Gold’s rising trend has caught the attention of investors in Pakistan, with many considering it a secure investment option amidst economic and political uncertainties. However, analysts warn that gold prices may continue to fluctuate in the near term, influenced by developments in international markets, currency stability, and broader macroeconomic indicators.
With gold maintaining its allure as a stable investment, both local and international markets are expected to remain active, responding dynamically to global and regional developments.
