Karachi, August 20, 2024 – Gold prices in Pakistan reached an unprecedented peak on Tuesday, with the rate of 24-karat gold per tola soaring to a record-breaking Rs 260,700.
This surge in gold prices reflects the continuing upward trend in the international bullion markets.
The latest price hike marks an increase of Rs 700 from the previous day’s closing of Rs 260,000 per tola, setting a new all-time high in the domestic market. The previous record was Rs 260,200, which was recorded just a few days earlier on August 17, 2024. This steady climb underscores the volatility and sensitivity of gold prices to global market dynamics.
Gold Prices per 10 Grams Also on the Rise
In addition to the price per tola, the cost of 24-karat gold per 10 grams also saw a significant rise in Pakistan, increasing by Rs 600 to reach Rs 223,508, up from the previous day’s closing price of Rs 222,908. The rise in the 10-gram rate is particularly important for small investors and retail buyers, for whom gold remains a preferred choice for investment and savings.
Global Market Influence
Market analysts attribute this surge in gold prices in Pakistan to the rising trends in the global markets. On the international front, gold prices saw an increase of $10, closing at $2,512 per ounce, up from the previous day’s $2,502 per ounce. The rise in global prices is driven by a combination of factors, including geopolitical uncertainties, inflation concerns, and a weakening dollar, all of which have made gold an attractive safe-haven asset for investors worldwide.
Impact on Domestic Markets
The impact of global trends on domestic gold prices is evident, as Pakistan’s bullion market closely follows international pricing patterns. Experts suggest that the current upward trajectory may continue if the global economic situation remains uncertain, prompting further investment in gold as a hedge against inflation and currency depreciation.
The consistent rise in gold prices has also led to increased activity in the local market, with both buyers and sellers trying to capitalize on the fluctuating rates. Jewelers and traders in major cities like Karachi, Lahore, and Islamabad are witnessing heightened demand, particularly from investors looking to secure their wealth against potential economic instability.
Future Outlook
Looking ahead, market experts believe that if the global economic conditions do not stabilize, gold prices in Pakistan could continue to rise. Investors are advised to stay informed about international market trends and consider the potential risks and rewards associated with gold investments.
As gold reaches new heights, it remains a critical barometer of economic sentiment, reflecting the uncertainties and challenges facing both the domestic and global economies.
