Karachi, December 5, 2024 – The rates of gold in Pakistan saw a notable rise of Rs 500 per Tola on Thursday, reflecting the upward trends observed in global markets. This surge in local gold rates was mainly driven by the ongoing increase in international bullion rates.
The rates of 24-karat gold per Tola ended at Rs 275,700, marking a rise from the previous day’s close of Rs 275,200 in local markets. Despite the recent increase, the current rate is still lower than the all-time high of Rs 287,900 per Tola recorded on October 30, 2024. This peak was attributed to a combination of geopolitical tensions and fluctuations in currency values, both of which contributed to strong demand for safe-haven assets like gold.
Similarly, the rates of 24-karat gold per 10 grams also witnessed a rise, increasing by Rs 428 to settle at Rs 236,368, compared to the previous day’s closing price of Rs 235,940. Gold’s price trajectory remains sensitive to fluctuations in global economic conditions, which can often trigger swift changes in its value.
Experts in the bullion market have linked the increase in gold rates within Pakistan to the ongoing bullish trend in international markets. On the global front, the price of gold saw an uptick of $5, reaching $2,645 per ounce, up from $2,640 the previous day. The overall rise in global gold rates can be attributed to a variety of factors, including shifts in currency values, inflation concerns, and the demand for hedging against economic uncertainties.
As the global economy remains volatile, local investors are closely monitoring gold rates, which continue to be influenced by fluctuations in the international markets. With gold’s appeal as a safe investment option, the local market has experienced sustained interest, and further price movements are expected in the coming days based on global trends.