December 11, 2024 – The gold market in Pakistan witnessed a sharp surge in rates on Wednesday, with the rate for 24-karat gold per tola rising by Rs 3,100. This increase is attributed to the upward trend in international gold prices, fueled by geopolitical uncertainties.
The latest gold rates in Pakistan now stand at Rs 280,500 per tola, compared to the previous day’s closing rate of Rs 277,400. This marks a significant increase as the country’s gold rates approach their all-time high of Rs 287,900, recorded on October 30, 2024.
For 24-karat gold measured by 10 grams, the price also rose sharply, increasing by Rs 2,658 to reach Rs 240,484, up from the prior day’s rate of Rs 237,826. These hikes reflect the impact of global market movements on the domestic bullion market.
Experts from the bullion industry have pointed to the ongoing rally in international gold prices as the primary driver behind the rise in local rates. The international gold markets experienced a surge of $31 per ounce, bringing the price to $2,693 from the previous closing of $2,662. Analysts suggest that heightened tensions in the Middle East have caused increased volatility and pushed investors towards the safe-haven asset, further driving up prices.
The fluctuation in gold prices has significant implications for investors and jewelers in Pakistan, where gold remains a popular investment choice and a crucial part of cultural traditions. With rates climbing steadily, market participants are closely monitoring global developments to anticipate further changes.
This sharp rise in gold prices underscores the interconnected nature of global and local markets, where international developments have a direct impact on domestic economies. For Pakistan, the rising gold rates not only reflect external economic pressures but also highlight the importance of international market trends in shaping local financial landscapes.
As of today, December 11, 2024, the gold rates at key locations in Pakistan are:
• Karachi: Rs 280,500 per tola
• Lahore: Rs 280,500 per tola
• Islamabad: Rs 280,500 per tola
• Quetta: Rs 280,500 per tola
• Peshawar: Rs 280,500 per tola
• Multan: Rs 280,500 per tola