Karachi, November 29, 2024 – Gold prices in Pakistan surged by Rs 2,100 per tola on Friday, driven by significant gains in the international bullion market.
The price of 24-karat gold rose to Rs 277,300 per tola, up from the previous day’s closing of Rs 275,200 in local markets. Similarly, the price for 10 grams of 24-karat gold increased by Rs 1,800, reaching Rs 237,740 compared to Rs 235,940 the day before. This sharp rise follows fluctuating trends in recent weeks, with the precious metal reaching an all-time high of Rs 287,900 per tola on October 30, 2024, before experiencing significant volatility.
Market analysts attributed the hike in local gold prices to developments in the international market, where gold prices climbed by $21 to reach $2,661 per ounce, up from $2,640 the previous day. The ongoing geopolitical tensions in the Middle East have fueled uncertainty in global markets, driving investors toward safe-haven assets like gold.
The increase in international gold prices has had a pronounced impact on Pakistan, where local rates are influenced by fluctuations in the global market and the rupee-dollar exchange rate. The rupee’s slight depreciation against the US dollar has further contributed to higher domestic gold prices.
Experts noted that geopolitical instability, coupled with concerns about global economic growth, has sustained a strong demand for gold worldwide. The uncertainty in financial markets has prompted investors to hedge risks by increasing their positions in gold, further boosting its value.
In Pakistan, gold remains a key asset for savings and investment, particularly during economic uncertainty. With fluctuating currency values and inflationary pressures, many individuals turn to gold as a reliable store of wealth.
Looking ahead, analysts expect continued volatility in gold prices, with trends largely contingent on geopolitical developments and movements in the international market. For now, gold’s appeal as a safe haven is likely to keep demand and prices elevated.
