Karachi, March 29, 2024 – The gold market in Pakistan witnessed a significant surge, with prices soaring to Rs 234,800 per Tola, edging closer to the all-time high of Rs 240,000 per Tola set on May 10, 2023.
The sharp increase reflects ongoing volatility in the global bullion market, driving domestic prices to near-record levels.
Gold, prized for its stability and intrinsic value, experienced a substantial uptick of Rs 3,800 per Tola from the previous day’s closing of Rs 231,000 in domestic markets. Similarly, the price of 24-karat gold per 10 grams surged by Rs 3,258 to close at Rs 201,303, compared to the previous day’s closing of Rs 198,045 in local markets.
Experts in the bullion market attribute the rapid escalation in domestic gold prices to the soaring international prices of the precious metal. Globally, gold reached a new record high of $2,254 per ounce, marking an increase of $40 from the previous day’s closing of $2,214 in global markets.
The surge in gold prices is driven by various factors influencing the global economy and financial markets. Economic uncertainties, geopolitical tensions, and inflationary pressures contribute to heightened demand for safe-haven assets like gold, driving prices upward.
Investors and traders closely monitor fluctuations in global gold prices, as they signal broader market sentiments and serve as indicators of economic stability. The recent surge in gold prices underscores the prevailing volatility and risk factors impacting financial markets worldwide.
The near-peak levels of gold prices in Pakistan reflect the resilience of the precious metal as a store of value and a hedge against market uncertainties. As investors seek refuge in safe-haven assets amid economic turbulence, gold continues to attract attention as a reliable investment option.
While the surge in gold prices presents opportunities for investors, it also poses challenges for consumers and businesses reliant on gold for various purposes, including jewelry making and industrial applications. The rise in gold prices may impact consumer purchasing power and production costs, necessitating strategic adjustments in market dynamics.
Moving forward, market participants will closely monitor developments in global economic indicators, monetary policies, and geopolitical events to gauge the trajectory of gold prices. As uncertainties persist in the global landscape, gold is expected to maintain its allure as a safe-haven asset, exerting influence on domestic markets and investor portfolios alike.
