Karachi, November 8, 2024 – Gold prices in Pakistan witnessed a significant rebound on Friday, with a gain of Rs 2,000 per tola following trends in the international bullion markets. The 24-karat gold per tola reached Rs 278,800 in the domestic market, up from the previous day’s closing of Rs 276,800. This increase comes just days after gold prices in Pakistan hit a record high of Rs 287,900 per tola on October 30, 2024.
The price of 24-karat gold per 10 grams also saw a notable rise, gaining Rs 1,725 to settle at Rs 239,026, compared to the previous closing of Rs 237,311. Market analysts attribute this surge in gold prices in Pakistan to rising global demand, driven by a volatile international bullion market. The recent instability in global markets has been largely influenced by geopolitical tensions in the Middle East, which has led investors to turn to gold as a safe haven asset, fueling a rise in gold prices across Pakistan and globally.
Adding to the uncertainty in the markets, the anticipation surrounding the U.S. elections has created fluctuations in precious metal prices. Recently, gold prices experienced a temporary decline on speculation of a Donald Trump victory, as markets adjusted to the potential political shift. However, as global markets stabilized, gold prices rebounded, further driving demand in Pakistan.
In the international markets, gold prices rose by $21 per ounce, reaching $2,683 from the previous day’s closing price of $2,662. This jump in international gold prices has directly influenced the domestic market, as local rates in Pakistan typically follow global trends. Experts note that gold prices in Pakistan are also influenced by currency fluctuations, which have an impact on import costs for the precious metal.
The recent uptrend in gold prices in Pakistan highlights the commodity’s continued role as a secure investment during times of uncertainty. With rising prices and investor interest, gold remains a favored choice for those seeking to safeguard their wealth against economic unpredictability. In the face of ongoing global tensions, analysts predict that gold prices may continue to remain elevated both internationally and within Pakistan.
As gold prices in Pakistan surge in response to these global dynamics, local investors and jewelers are closely monitoring the markets, anticipating potential further increases in the near term. For now, the rising gold prices reflect a broader sentiment of caution as the world’s economies navigate through political and economic instability.
