Karachi, November 18, 2024 – Gold prices in Pakistan soared by Rs 2,500 per tola on Monday, driven by rising demand in international markets amid global uncertainties. The latest increase brings the price of 24-karat gold to Rs 269,900 per tola in the Karachi bullion market, compared to Saturday’s closing rate of Rs 267,400.
Meanwhile, the price of 24-karat gold per 10 grams climbed by Rs 2,144, reaching Rs 231,396 from the previous level of Rs 229,252.
Fluctuations Amid Record Highs
This latest surge highlights the ongoing volatility in the gold market. On October 30, 2024, domestic gold prices reached an all-time high of Rs 287,900 per tola. Since then, prices have fluctuated significantly, influenced by a combination of global and domestic factors.
Market experts attribute Monday’s rise to geopolitical tensions, particularly the escalating conflict in the Middle East, which has heightened uncertainty and pushed investors toward safe-haven assets like gold.
International Market Influence
In the international bullion market, gold prices gained $25 per ounce, reaching $2,587 from the previous session’s $2,562. Analysts suggest that gold’s upward trajectory reflects growing investor concerns over global stability, alongside expectations of prolonged high inflation in major economies.
“The ongoing volatility in international markets is directly impacting local prices,” said a market representative. “Gold remains a preferred hedge against inflation and economic instability, which is fueling demand.”
Domestic Economic Pressures
In Pakistan, the surge in gold prices also mirrors the country’s economic challenges. The weakening Pakistani rupee, coupled with rising inflation, has intensified the demand for gold as a store of value. However, these increases put additional pressure on local buyers, particularly those seeking gold for traditional purposes like weddings and investments.
Outlook
With global uncertainties showing no signs of easing, experts predict continued volatility in gold prices. “Unless geopolitical tensions stabilize and inflationary pressures ease, gold is likely to remain a lucrative asset for investors,” said a financial analyst.
For Pakistan’s domestic market, currency stability and global market trends will be crucial factors shaping gold prices in the weeks to come.
This latest price surge reinforces the growing appeal of gold as a safe-haven asset, despite its impact on affordability for local consumers. As international markets dictate the trajectory, gold’s allure remains unwavering in uncertain times.
