Karachi, March 28, 2024 – The price of gold in Pakistan experienced a significant surge on Thursday, reaching Rs 231,000 per Tola, following a notable uptick in the international markets.
The price hike has caught the attention of investors and consumers alike, with implications for various sectors of the economy.
In local markets, the 24-karat gold per Tola saw an increase of Rs 1,500 from the previous day’s closing, rising from Rs 229,500 to the current Rs 231,000 mark. Similarly, the 24-karat gold per 10 grams climbed by Rs 1,285, reaching Rs 198,045 compared to the previous day’s closing of Rs 196,760.
Market analysts have attributed the surge in domestic gold prices to a sharp rise in international markets. Across the globe, gold prices witnessed a significant increase, with the precious metal rising by $14 to reach $2,214 per ounce, up from the previous day’s closing of $2,200.
The surge in gold prices has sparked discussions among experts about the underlying factors driving this sudden increase. While gold has historically been considered a safe-haven asset during times of economic uncertainty, recent geopolitical tensions and inflation concerns have further fueled its demand.
The ongoing conflict in certain regions, coupled with uncertainties surrounding global economic recovery from the COVID-19 pandemic, has led investors to seek refuge in gold as a hedge against market volatility. Additionally, central banks around the world continue to maintain accommodative monetary policies, which further support the bullish sentiment towards the precious metal.
In Pakistan, where gold holds significant cultural and economic importance, the surge in prices could have widespread implications. The jewelry industry, which heavily relies on gold, may face challenges as higher prices could dampen consumer demand. Moreover, the country’s export competitiveness could be impacted if gold prices continue to rise, affecting industries that utilize gold in their production processes.
Despite the challenges posed by higher gold prices, some experts see opportunities for investors in the precious metal. With ongoing uncertainties in global markets, gold remains an attractive asset for portfolio diversification and wealth preservation.
However, the trajectory of gold prices in the coming days will depend on a multitude of factors, including developments in geopolitical tensions, economic indicators, and central bank policies. Market participants will closely monitor these variables to gauge the future direction of gold prices both domestically and internationally.
As the situation unfolds, stakeholders across various sectors in Pakistan will continue to assess the implications of the surge in gold prices and adjust their strategies accordingly to navigate the evolving market dynamics.
