Karachi, December 12, 2024 – Gold prices in Pakistan witnessed a significant spike on Thursday, reaching Rs 282,800 per tola, reflecting the impact of a rally in international markets.
The price of 24-karat gold per tola increased by Rs 2,300 compared to the previous day’s closing of Rs 280,500. This latest increase comes amid heightened demand and fluctuating trends in the international markets. Gold prices in Pakistan had previously hit a record high of Rs 287,900 per tola on October 30, 2024, underscoring the volatility in the market.
Similarly, the price of 24-karat gold per 10 grams climbed by Rs 1,971, settling at Rs 242,455, up from the previous day’s closing of Rs 240,484. This surge in gold prices has further amplified concerns among local investors and consumers about affordability and stability in the market.
Experts in the bullion market attribute this rise in gold prices to continued upward trends in the global market. Internationally, gold prices increased by $23, closing at $2,716 per ounce compared to the previous day’s $2,693. The ongoing geopolitical tensions in the Middle East and the broader increase in international commodity prices have significantly contributed to the volatility of gold prices globally and their corresponding impact on Pakistan’s market.
Analysts also highlight that economic uncertainty, coupled with the depreciation of the Pakistani rupee, has amplified the upward pressure on local gold prices. The fluctuation in currency exchange rates makes gold a safer investment, further driving up demand and prices.
The surge in gold prices has placed additional financial strain on local consumers, particularly those planning weddings and other significant events. Traders in the bullion market anticipate that prices may remain high in the near term if international conditions persist and demand continues to rise.
As gold prices in Pakistan remain closely tied to global trends, market participants and investors are keeping a watchful eye on geopolitical developments and international commodity markets. This sharp increase in prices emphasizes the need for consumers and traders to navigate the market cautiously.