Karachi, June 24, 2024 – Gold prices in Pakistan surged by Rs 500 on Monday, reflecting a corresponding rise in global markets. The cost of 24-karat gold per tola jumped to Rs 242,000 from last Saturday’s closing price of Rs 241,500, according to market reports.
Similarly, the price of 24-karat gold per 10 grams saw an increase of Rs 429, reaching Rs 207,476 from the previous closing rate of Rs 207,047.
Bullion market experts attribute this rise in domestic gold prices to the upward trend in international markets. Gold prices on the global stage saw a notable increase of $8, bringing the price per ounce to $2,328 from the previous close of $2,320.
The surge in gold prices is influenced by multiple factors, including fluctuations in currency exchange rates, international economic conditions, and investor sentiments. Analysts highlight that recent geopolitical tensions and concerns over inflation have driven investors to seek the safe haven of gold, thereby pushing up its price globally.
In Pakistan, the gold market is also influenced by local demand and supply dynamics, wedding season trends, and the overall economic climate. The rise in gold prices can impact various sectors, from jewelry markets to investments, and may influence consumer behavior, especially during peak wedding seasons when gold purchases typically increase.
With the current global economic uncertainties, investors are closely monitoring the gold market for potential further increases. The precious metal, known for its stability and value retention, continues to attract attention as a hedge against inflation and economic instability.
Local traders and jewelers in Karachi, Lahore, and other major cities reported a noticeable uptick in inquiries and sales following the price increase. Many consumers are looking to purchase gold as a secure investment, anticipating that prices may rise further in the near future.
The bullion market remains a critical indicator of economic trends, and the recent price hike underscores the interconnectedness of global markets. As the situation evolves, both international and domestic market conditions will play crucial roles in shaping the future trajectory of gold prices in Pakistan.