Karachi, December 21, 2024 – Gold prices in Pakistan soared on Saturday, reaching Rs 273,400 per tola in the wake of rising rates in international markets. This marks a significant increase of Rs 2,100 from Friday’s closing price of Rs 271,300 in the local bullion markets.
Similarly, the price of 24-karat gold per 10 grams also witnessed a substantial hike of Rs 1,800, climbing from Rs 232,596 to Rs 234,396. The surge highlights the ongoing volatility in gold markets, with prices nearing record levels. Notably, gold hit an all-time high in Pakistan on October 30, 2024, when it peaked at Rs 287,900 per tola.
Market analysts attribute the latest price hike to global factors, particularly rising international gold prices and geopolitical uncertainties. The international gold price jumped by $21, reaching $2,622 per ounce compared to the previous day’s closing at $2,601. The increase is driven by heightened demand for safe-haven assets amid growing tensions in the Middle East and unpredictable trends in international commodity markets.
Experts note that the fluctuating value of the Pakistani rupee against the US dollar has also influenced local gold prices. In times of economic instability, investors often turn to gold as a reliable store of value, further amplifying demand and driving prices upward.
The current upward trajectory in gold prices underscores its role as a preferred investment amid global uncertainties. With international markets continuing to experience volatility, local traders and investors remain on edge, closely monitoring price trends.
Gold has traditionally been a popular asset in Pakistan, valued not only for its economic worth but also for its cultural significance, especially during wedding seasons and festive occasions. The latest surge is likely to impact consumer purchasing power, potentially slowing down retail demand despite the metal’s enduring appeal.
As international tensions persist and commodity markets remain unstable, the outlook for gold prices in both global and domestic markets remains uncertain. However, the metal’s resilience continues to attract investors seeking stability in turbulent times.