Karachi, October 14, 2024 – Gold prices in Pakistan witnessed a rise of Rs 200 per Tola on Monday, reflecting the upward trend in global markets. The price of 24-karat gold per Tola reached Rs 275,700, up from the previous close of Rs 275,500, marking a notable increase in local markets.
This increase follows weeks of volatility in the gold market, with prices reaching an all-time high of Rs 277,000 per Tola on September 26, 2024. Since then, gold rates have experienced fluctuations, reflecting broader economic uncertainty and trends in international bullion markets.
In addition to the per Tola price increase, the rate for 24-karat gold per 10 grams also rose by Rs 171, climbing from Rs 236,197 to Rs 236,368. This continues the trend of increasing gold prices in Pakistan, which are closely tied to developments in the international market.
Bullion market experts attributed the rise in Pakistan’s gold prices to a corresponding increase in global gold rates. Internationally, the price of gold rose by $3, reaching $2,659 per ounce from the previous close of $2,656 per ounce.
The upward movement in gold prices is largely driven by global economic factors, including inflationary pressures, geopolitical tensions, and the fluctuating value of major currencies, particularly the U.S. dollar. Investors often turn to gold as a safe-haven asset in times of uncertainty, leading to increased demand and a subsequent rise in prices.
In Pakistan, the gold market is also influenced by domestic factors such as currency depreciation and local demand. The Pakistani rupee’s ongoing devaluation against the U.S. dollar has made gold more expensive for local buyers. As the festive season approaches, demand for gold jewelry is expected to rise, further contributing to price volatility.
While gold continues to be a popular investment option in Pakistan, many consumers are finding it increasingly difficult to afford given the recent price hikes. Jewelers and traders in major cities such as Karachi, Lahore, and Islamabad have reported reduced purchasing power among buyers, with many opting for smaller gold purchases or delaying purchases altogether.
As global and local economic conditions remain uncertain, experts predict that gold prices will continue to fluctuate in the coming weeks, with potential for further increases depending on international market trends and local currency movements.