Karachi, November 22, 2024 – Gold prices in Pakistan experienced another notable surge on Friday, climbing for the fifth consecutive day to reach Rs 280,500 per Tola. This rise in local gold prices is largely attributed to the increasing trends in international markets, which have been fueled by various global factors, including ongoing geopolitical uncertainties.
The price of 24-karat gold per Tola saw a significant rise of Rs 2,500, moving up from Rs 278,000 the previous day. Over the past five trading days, gold prices have gained Rs 13,500, a reflection of the ongoing bullish sentiment in the global bullion markets. This steady rise has garnered considerable attention from investors in Pakistan, many of whom view gold as a safe haven amid economic uncertainty.
Gold prices in Pakistan have been highly volatile since they hit an all-time high of Rs 287,900 per Tola on October 30, 2024. Since then, the prices have fluctuated within a narrow range, with the current surge marking a renewed upward trend. The consistent price increases over the past week suggest that global factors, rather than local market conditions, are driving this rally.
In addition to the surge in the price of gold per Tola, the price of 24-karat gold per 10 grams also saw an increase of Rs 2,143, rising from Rs 238,340 on Thursday to Rs 240,483 on Friday. This price change highlights the ripple effect of international market movements on local prices, as well as the sensitivity of gold prices to even small shifts in global demand and supply.
Experts in the bullion market point to several key factors behind the ongoing rise in gold prices. The most significant of these is the volatility in global markets, particularly due to geopolitical tensions in the Middle East. The ongoing conflict in the region has sparked a flight to safety, with investors increasingly turning to gold as a stable asset. Furthermore, the weakening of the U.S. dollar, coupled with global inflation concerns, has also contributed to the upward pressure on gold prices.
Internationally, gold prices saw an increase of $25 per ounce, reaching $2,693 from the previous day’s closing price of $2,668. The continued upward trend in international gold prices is expected to keep domestic prices high, as Pakistan’s gold market remains closely tied to global economic developments.
