Karachi, December 3, 2024 – Gold prices in Pakistan experienced a significant uptick on Tuesday, rising by Rs 700 per tola, mirroring an upward trend in global bullion markets.
The price of 24-karat gold per tola climbed to Rs 275,200 in the local markets, up from the previous day’s closing rate of Rs 274,500. Meanwhile, the rate for 24-karat gold per 10 grams increased by Rs 600, reaching Rs 235,940 compared to Rs 235,340 a day earlier. Despite this gain, gold remains below its all-time high of Rs 287,900 per tola, which was recorded on October 30, 2024. Since then, local bullion markets have witnessed significant volatility, driven by fluctuating global economic and geopolitical conditions.
Market analysts attribute the latest rise in domestic gold prices to trends in international markets, where gold prices increased by $7 to close at $2,640 per ounce, up from $2,633 on the previous trading day. Factors such as geopolitical tensions, escalating commodity prices, and concerns over global economic stability have been instrumental in driving up demand for safe-haven assets like gold.
Geopolitical unrest in key regions and uncertainties surrounding monetary policies of major central banks have contributed to gold’s appeal as a hedge against inflation and economic instability. Additionally, the depreciation of local currencies against the US dollar in several economies, including Pakistan, has further amplified the impact of rising global gold prices on local markets.
Traders in Pakistan’s bullion market highlight that gold’s renewed upward momentum reflects a combination of international market pressures and local demand dynamics. Despite occasional corrections, gold remains a preferred investment avenue for individuals seeking stability in uncertain economic climates.
Looking ahead, experts suggest that gold prices may continue their upward trajectory in both domestic and international markets if geopolitical and economic uncertainties persist. However, they advise investors to exercise caution given the inherent volatility in the bullion market, as fluctuations in currency exchange rates and global demand could lead to sudden shifts in price trends.
As gold prices soar, the precious metal reinforces its position as a key barometer of market sentiment and a crucial asset for wealth preservation.