Karachi, July 13, 2024 – Gold prices in Pakistan surged for the fourth consecutive day, reaching a new high of Rs 249,400 per tola (11.66 grams), driven by significant gains in the international markets.
Over the past four days, gold prices in Pakistan have increased by Rs 4,400, starting from Rs 245,000 on July 9, 2024. The 24-karat gold saw a rise of Rs 400 from the previous day’s closing of Rs 249,000 in the local markets of Pakistan today. Similarly, the price of 24-karat gold per 10 grams increased by Rs 345, reaching Rs 213,820 compared to Rs 213,472 at the close of the previous trading day in Pakistan.
Experts in the bullion market attributed this upward trend to the surge in international gold prices. Globally, gold prices rose by $6 to settle at $2,410 per ounce, up from the previous day’s closing of $2,404. The increase in global prices has had a direct impact on the local market sentiment, prompting investors and buyers to flock to gold as a safe-haven asset amidst economic uncertainties.
The rise in gold prices is also reflective of broader economic trends, including geopolitical tensions and inflation concerns, which traditionally bolster demand for gold as a hedge against currency depreciation and market volatility.
Analysts predict that the upward trajectory of gold prices may continue in the near term if international economic conditions remain uncertain. The Federal Reserve’s recent indications of potential interest rate hikes have also influenced investor behavior, as higher interest rates typically make non-interest-bearing assets like gold relatively more attractive.
In Pakistan, where gold holds cultural and economic significance, the recent price surge has sparked renewed interest among investors and consumers alike. Jewelry makers and retailers are closely monitoring these developments, adjusting their pricing strategies in response to the evolving market dynamics.
As the global economic landscape continues to evolve, market participants are advised to stay abreast of international developments that could impact gold prices. The coming days are expected to provide further clarity on whether the current rally in gold prices will sustain or face correction based on unfolding economic data and policy decisions.
For now, however, Pakistan’s gold market remains buoyant, with prices continuing their upward climb amid global uncertainties.