Karachi, December 10, 2024 – The gold rates in Pakistan witnessed a significant rise on Tuesday, climbing by Rs 1,000 to reach Rs 277,400 per tola. This increase highlights a continuing upward trend in the local bullion markets, fueled by fluctuations in global gold prices and international economic conditions.
The previous day’s closing gold rates in Pakistan stood at Rs 276,400 per tola. However, this recent surge brings the rates closer to the all-time high of Rs 287,900, recorded on October 30, 2024. The upward movement is not limited to gold rates per tola, as gold rates per 10 grams in Pakistan also saw an increase of Rs 858, ending the day at Rs 237,826 compared to the earlier closing price of Rs 236,968.
Bullion market experts in Pakistan have attributed this rise in gold rates to developments in international markets. Heightened uncertainty in the Middle East and volatility in global commodity markets have led to a consistent demand for safe-haven assets like gold. This has kept the gold rates in Pakistan on a fluctuating yet predominantly upward trajectory.
The international gold market also registered a notable uptick, with prices increasing by $10 per ounce. Gold rates in global markets reached $2,662 per ounce, compared to the previous day’s $2,652. This shift reflects broader market dynamics, as geopolitical instability and investor caution continue to influence trading behavior.
Gold remains a preferred investment in Pakistan, particularly during times of economic unpredictability. The consistent rise in gold rates in Pakistan is a reflection of global trends coupled with local currency devaluation and inflationary pressures. With the gold rates per tola now at Rs 277,400 and per 10 grams at Rs 237,826, market analysts anticipate continued volatility.
The rising gold rates in Pakistan underscore the country’s sensitivity to international financial trends. Local buyers and investors will likely keep a close watch on these movements as they navigate the implications of this precious metal’s price trajectory.