Karachi, August 17, 2024 – In a remarkable surge, gold prices in Pakistan have reached an all-time high, hitting Rs 260,200 per tola on Saturday. This record-breaking figure marks an increase of Rs 2,500 from the previous day’s close of Rs 257,700, setting a new milestone for the precious metal in the country.
The surge in gold prices comes as the global markets witness an unprecedented rise, with the international gold price reaching $2,507 per ounce. This marks a significant increase of $46 from the previous day’s close of $2,461, reflecting the growing demand and the precious metal’s appeal as a safe haven in uncertain economic times.
Alongside the increase in per tola prices, the price of 24-karat gold per 10 grams also saw a sharp rise, climbing by Rs 2,144 to settle at Rs 223,080. This is up from the previous day’s closing price of Rs 220,736, further solidifying gold’s status as a highly sought-after asset in Pakistan.
Market experts attribute this surge in domestic gold prices to the bullish trend observed in global markets. The ongoing economic uncertainties, coupled with geopolitical tensions and concerns over inflation, have driven investors towards gold, pushing its value to new heights. The rise in international gold prices has directly impacted the local markets, where gold remains a popular investment choice, particularly in times of financial instability.
Analysts predict that the upward trend in gold prices may continue in the near future, as global factors such as interest rate policies, currency fluctuations, and economic data releases are likely to influence investor sentiment. The record-high prices have prompted both seasoned investors and new buyers in Pakistan to consider gold as a reliable store of value.
In Pakistan, gold is not only a traditional investment but also holds cultural significance, with many families considering it a crucial part of their financial security. The recent surge in prices, while beneficial for investors, has also raised concerns among consumers, particularly those planning weddings or other significant events, where gold plays a central role.
As the global markets continue to fluctuate, all eyes remain on the precious metal, with experts closely monitoring the developments that could further impact its price. Whether this record-breaking trend will persist or stabilize remains to be seen, but for now, gold has firmly established itself as the go-to asset in turbulent times.
