Karachi, December 9, 2024 – The gold rates in Pakistan recorded a significant rise on Monday, climbing by Rs 2,000 per tola due to a surge in global markets. The rates of 24-karat gold per tola ended at Rs 276,400, up from the previous closing of Rs 274,400 in local markets.
This increase comes after weeks of fluctuations in the bullion market, with gold rates in Pakistan previously reaching an all-time high of Rs 287,799 per tola on October 30, 2024. Similarly, the rates for 24-karat gold per 10 grams rose by Rs 1,714 to settle at Rs 236,968, compared to Rs 235,254 at the last close.
Bullion market analysts attribute the rise in gold rates in Pakistan to upward trends in international gold prices. In the global markets, gold rates jumped by $20 per ounce, closing at $2,652 compared to the prior rate of $2,632. Analysts pointed to heightened geopolitical tensions in the Middle East as a major driver of this volatility, which has significantly impacted gold rates worldwide.
Experts noted that gold rates in Pakistan are highly sensitive to fluctuations in global markets, with additional influences from the rupee-dollar exchange rate and local market dynamics. The increase in international gold rates has been mirrored in the domestic market, where demand for the precious metal remains robust despite elevated prices.
The rise in gold rates highlights a continued shift toward safe-haven assets as investors hedge against economic and geopolitical uncertainties. Market watchers emphasize that gold rates in Pakistan could experience further upward movement if global tensions persist or escalate.
With current gold rates near historic highs, buyers are closely monitoring market trends. Jewelers reported a mixed response, with some buyers rushing to secure gold ahead of potential further increases while others hold back, awaiting stabilization.
As gold rates in Pakistan remain influenced by international market developments, the precious metal continues to serve as a key barometer of economic sentiment amid ongoing volatility.