Karachi, November 20, 2024 – Gold rates in Pakistan on Wednesday increased by Rs 800 per tola due to rising trends in international markets. The price of 24-karat gold per tola increased to Rs 274,300 from the previous day’s closing of Rs 273,500 in the local markets. The gold rates in Pakistan surged to an all-time high of Rs 287,900 on October 30, 2024, and since then, the rates have seen significant volatility.
The price of 24-karat gold per 10 grams also saw an increase of Rs 686, reaching Rs 235,168 from the previous day’s closing of Rs 234,482 in the domestic markets of Pakistan.
Bullion market experts attributed the rise in gold rates in Pakistan to trends in international markets. They noted that tensions in the Middle East have kept gold rates volatile in global markets. Geopolitical instability and economic uncertainties are fueling investor demand for gold as a safe haven, driving prices higher.
Gold rates increased by $8 to end at $2,631 per ounce, up from the previous day’s closing of $2,623 in the international markets.
Pakistan is highly dependent on the import of gold to meet local demands for jewelry manufacturing. The rise in gold prices is putting pressure on local manufacturers and consumers alike, as it increases production costs and retail prices.
Moreover, with the festive season approaching, the demand for gold jewelry tends to rise in Pakistan, further increasing the pressure on gold prices. Traders expect the volatility to continue as both domestic and global market conditions evolve, particularly with concerns surrounding global economic growth and political tensions.
Some analysts believed that the gold rates in the international markets were also increasing due to higher demand for the cryptocurrencies. They said that after US Election the cryptocurrencies had gained values many times.
