Karachi, October 16, 2024 – Gold prices in Pakistan soared to an all-time high on Wednesday, hitting Rs 277,200 per tola (11.66 grams) in the domestic markets, marking yet another milestone in the precious metal’s relentless climb. The surge reflects not only local demand but also an upturn in international gold prices, with the metal gaining strength amid economic uncertainties.
The price of 24-karat gold rose by Rs 2,200 compared to the previous day’s close of Rs 275,500 per tola. This fresh high surpasses the previous record of Rs 277,000 set on September 26, 2024, highlighting a continued upward trend in the local bullion market. Similarly, the price of 24-karat gold per 10 grams also surged, increasing by Rs 1,886 to reach Rs 237,654, up from Rs 235,768 the day before.
Market analysts attributed this record-breaking rise to a combination of global factors. In the international markets, gold saw an increase of $22, bringing its price to $2,675 per ounce, up from $2,653 in the previous session. The global rise in gold prices is fueled by investors turning to the safe-haven asset amid geopolitical tensions, concerns over inflation, and the uncertainty surrounding interest rate policies in major economies.
Gold has historically been seen as a hedge against economic instability, and the recent upsurge is largely a response to global market dynamics. Experts in Pakistan’s bullion market noted that the country’s currency devaluation against the U.S. dollar has also contributed to the steep rise in local gold prices, making the precious metal more expensive for domestic buyers.
The persistent inflationary pressures and weakening of the Pakistani rupee against the dollar have further amplified the impact of international gold prices in the domestic market. For many in Pakistan, gold remains a reliable store of value, especially in times of economic turbulence.
Looking ahead, bullion experts predict that gold prices may continue to rise if global economic uncertainties persist. With Pakistan’s economy grappling with inflation and currency depreciation, the demand for gold as a secure investment option is expected to remain strong.
In summary, the surge in gold prices in Pakistan reflects both international trends and local economic challenges. As global investors continue to seek stability in gold, domestic markets are likely to feel the effects, with prices poised to remain at elevated levels in the near future.