Karachi, November 4, 2024 – Gold prices in Pakistan witnessed a significant increase of Rs 700 per tola on Monday, reflecting the rising trend in international bullion markets. The new price of 24-karat gold in the domestic market now stands at Rs 283,700, up from the previous day’s closing price of Rs 283,000.
This latest surge follows a record high of Rs 287,900 per tola reached on October 30, 2024, signaling continued volatility in the precious metals market. Additionally, the price of 24-karat gold per 10 grams climbed by Rs 600, reaching Rs 243,227 from the prior rate of Rs 242,627 in local markets.
Market analysts attribute the rise in domestic gold prices to fluctuations in the global markets, where the price of gold per ounce increased by $7, moving up to $2,742 from the previous close of $2,735. The ongoing geopolitical tensions in the Middle East have fueled uncertainty, pushing investors toward safe-haven assets like gold. As a result, the demand for gold has surged globally, directly impacting prices in local markets.
Bullion experts in Pakistan note that these international dynamics are likely to keep gold prices volatile in the near term. With heightened demand amid geopolitical unrest, investors and consumers in Pakistan may see continued fluctuations in gold prices. They also caution that further increases in international gold prices could drive domestic rates higher in the coming weeks.
The rise in gold prices has significant implications for the local market, as it impacts both retail consumers and investors. Pakistanis traditionally turn to gold as a hedge against inflation and economic instability, making the precious metal a popular investment and a traditional choice for jewelry, especially during the wedding season.
For consumers and investors alike, the current environment suggests a cautious approach, as external factors, including global market trends and geopolitical uncertainties, continue to dictate price movements. Local market participants are closely monitoring global developments to anticipate future shifts in gold prices.
