Karachi, October 12, 2024 – Gold prices in Pakistan surged by Rs 1,600 per tola on Saturday, driven by rising trends in the international markets. The price of 24-karat gold per tola closed at Rs 275,500, up from the previous day’s closing of Rs 273,700 in the local markets.
This increase continues the recent volatility in gold prices, which hit an all-time high of Rs 277,000 per tola on September 26, 2024. Since then, prices have fluctuated frequently, reflecting the instability of both the local and global gold markets.
Similarly, the price of 24-karat gold per 10 grams also increased by Rs 1,372, reaching Rs 236,197 from the previous closing price of Rs 234,825. This steady rise in gold prices continues to impact both traders and consumers, with investors closely monitoring developments in the international bullion market.
International Market Impact
Experts in the bullion market attribute the recent rise in gold prices in Pakistan to increases in the international gold markets. Globally, gold prices rose by $16 per ounce, closing at $2,656, up from the previous day’s closing of $2,640. This upward movement in international gold rates has had a direct influence on local markets, causing the price spike in Pakistan.
Analysts believe the current surge in gold prices is linked to global economic uncertainties, such as inflationary pressures and geopolitical tensions, which have made gold an attractive investment option for investors seeking safe-haven assets.
Local Market Volatility
The ongoing volatility in gold prices has created uncertainty for both buyers and sellers in Pakistan’s local markets. For consumers, particularly those looking to purchase gold for weddings or investments, the fluctuating prices have made it difficult to plan purchases. Meanwhile, traders are experiencing mixed reactions, with some benefiting from the price increase while others are concerned about its potential impact on demand.
Looking ahead, bullion market experts suggest that gold prices in Pakistan may continue to rise in the near future, depending on the direction of international market trends and broader economic factors.
As global factors continue to influence local gold prices, Pakistan’s bullion market is expected to remain volatile. Investors and consumers are advised to stay updated on market developments as gold continues to fluctuate both locally and internationally.