Karachi, September 19, 2024 – The price of gold in Pakistan hit an all-time high on Thursday, soaring to Rs 268,500 per tola (24-karat) due to a sharp rise in international gold prices.
This increase marks a significant surge from the previous day’s closing rate of Rs 267,700, reflecting an Rs 800 rise in just 24 hours.
Earlier this week, on September 16, 2024, gold prices in the local market briefly touched Rs 268,000, but the current figure now sets a new record for the precious metal. The price of 24-karat gold per 10 grams also saw a notable increase, climbing by Rs 635 to settle at Rs 230,195 from the previous rate of Rs 229,510.
Experts from Pakistan’s bullion market attribute this rapid rise in gold prices to the strong upward trends in international markets. On Thursday, gold prices on the global stage rose by $8, closing at $2,577 per ounce, up from the prior day’s $2,569. This international increase has directly affected local prices, given Pakistan’s heavy reliance on imported gold for both jewelry manufacturing and exports.
The persistent rise in gold prices has put additional pressure on domestic buyers, particularly those looking to purchase gold for investment or wedding-related purchases, a common tradition in Pakistan. The gold market has been experiencing consistent hikes over the past few months, driven by global economic factors including inflation, geopolitical tensions, and fluctuations in currency exchange rates.
Analysts have pointed to several underlying reasons for the sustained rally in gold prices globally. Investors are increasingly turning to gold as a safe-haven asset, especially amid fears of a potential global economic slowdown. In addition, ongoing inflation concerns and instability in major economies have made gold an attractive option for those looking to hedge against currency devaluation and market volatility.
Pakistan’s local gold market remains highly sensitive to international price shifts. Due to the country’s dependency on imported gold, any fluctuations in the global market have an almost immediate impact on domestic prices.
As gold prices continue to climb, many are closely watching how further developments in the international markets will influence the precious metal’s value in Pakistan, where it plays a vital role in both investment portfolios and cultural traditions.
