Karachi, November 19, 2024 – Gold prices in Pakistan witnessed a sharp increase of Rs 3,600 per tola on Tuesday, driven by surging rates in the international markets.
The price of 24-karat gold rose to Rs 273,500 per tola, compared to the previous day’s closing of Rs 269,900. This rise follows a pattern of significant fluctuations in the gold prices seen since October 30, 2024, when rates hit an all-time high of Rs 287,900 per tola in domestic markets.
Similarly, the price of 24-karat gold per 10 grams climbed to Rs 234,482, up from Rs 231,396 recorded a day earlier. Local market traders have reported increased activity as buyers respond to the price changes, particularly in anticipation of further market volatility.
Market experts attribute the surge in gold prices to escalating tensions in the Middle East, which have rattled global markets. In the international market, gold prices jumped by $36, reaching $2,623 per ounce compared to $2,587 on the previous day. The geopolitical instability has heightened investor demand for gold, traditionally considered a safe-haven asset during uncertain times.
Gold prices in Pakistan are heavily influenced by global trends, as well as fluctuations in the exchange rate of the Pakistani rupee against the US dollar. Bullion traders noted that while local demand for gold remains steady, the ongoing volatility in global prices continues to dictate the domestic market’s direction.
The domestic gold market has seen unprecedented shifts in prices over recent weeks, with buyers and sellers closely monitoring global market movements. Analysts expect that as geopolitical tensions persist, the prices of gold in Pakistan and globally are likely to remain under upward pressure.
The current surge in prices has also renewed concerns among local consumers, especially those planning weddings or other events traditionally associated with gold purchases. Jewelers report that many buyers are opting for lighter pieces or postponing purchases in the hope of a price correction.
The gold market in Pakistan continues to serve as a barometer of global economic and political conditions. With international prices reaching record levels, local markets are expected to remain unpredictable in the short term.
