Karachi, September 24, 2024 – The gold market in Pakistan hit a record-breaking milestone on Tuesday, with the price of 24-karat gold reaching an all-time high of Rs 273,000 per tola. This increase comes after a surge in global gold prices, further exacerbating the domestic market trends.
On the previous trading day, the price of gold was recorded at Rs 271,900 per tola, meaning that today’s rise reflects a significant gain of Rs 1,100. Gold had previously touched its peak at Rs 272,500 on September 21, 2024, indicating a steady upward movement in recent days.
Similarly, the price of 24-karat gold per 10 grams also saw an increase, rising by Rs 943 to reach Rs 234,053. The previous day’s price was Rs 233,110, highlighting a persistent upward trend in the gold market.
According to market experts, the primary factor driving this surge in domestic prices is the corresponding rise in international gold rates. In global markets, gold saw an increase of $11 per ounce, climbing from $2,617 to $2,628 per ounce on Tuesday. This international uptrend is directly impacting local prices, as Pakistan is heavily reliant on gold imports to meet domestic demand, particularly for jewelry manufacturing.
The local bullion market remains highly sensitive to fluctuations in global prices due to Pakistan’s dependence on imported gold. Whenever there is a shift in the global market, it has a direct impact on the price of the precious metal within the country. The recent rise in international gold prices can be attributed to various factors, including global economic uncertainty, inflation concerns, and the weakening of major currencies, all of which typically drive investors toward safe-haven assets like gold.
As the global economic situation continues to evolve, many analysts predict that gold prices could remain volatile in the coming weeks, further affecting local markets. Despite these rising costs, gold remains a popular investment in Pakistan, especially amid economic challenges. Consumers and investors alike are closely watching both domestic and international trends, anticipating future price movements.
While the record-breaking prices might deter some buyers in the short term, gold’s status as a stable long-term asset continues to attract investors, further sustaining demand in Pakistan.
