Karachi, November 23, 2024 – Gold prices in Pakistan continued their upward trajectory for the sixth straight day on Saturday, climbing to Rs 282,700 per tola.
This increase comes as no surprise to market watchers, as global gold prices have been on the rise due to a variety of international factors, including geopolitical tensions and economic uncertainties.
The price of 24-karat gold per tola saw a significant jump of Rs 2,200, up from Rs 280,500 the previous day. Over the past five days, gold has appreciated by Rs 15,700, underscoring the strong bullish sentiment dominating the global bullion markets. For many investors in Pakistan, the rising gold prices have been a signal to increase their investments, with many viewing the precious metal as a reliable store of value during times of economic instability and uncertainty.
The surge in gold prices is part of a broader trend that has seen gold prices fluctuate widely in recent months. After hitting an all-time high of Rs 287,900 per tola on October 30, 2024, gold prices have remained volatile, with significant price fluctuations driven largely by global market dynamics. This most recent surge, however, marks a renewed upward trend, signaling that external factors, particularly from the international markets, are the primary drivers of the current rally.
In addition to the increase in the price of gold per tola, the price of 24-karat gold per 10 grams also rose by Rs 1,857, moving from Rs 240,483 on Friday to Rs 242,370 on Saturday. This rise further demonstrates the influence of international gold market movements on local prices, as well as the sensitivity of gold to shifts in global economic conditions.
Internationally, gold prices also saw a notable increase, rising by $22 per ounce, from $2,693 to $2,715. As Pakistan’s gold market is closely linked to global economic developments, domestic prices are expected to stay high in line with international trends. Given the current economic climate and ongoing global uncertainties, experts anticipate that the rally in gold prices may continue for the foreseeable future, making it an attractive investment option for those looking to hedge against financial instability.
