Karachi, January 17, 2025 — Gold prices in Pakistan surged on Friday, edging closer to the all-time record high previously observed in the country. The rising trend in gold prices has sparked significant attention in local markets, with analysts linking the increase to fluctuations in the international bullion market.
The price of 24-karat gold per tola rose by Rs 400, reaching Rs 282,600, up from the previous day’s closing rate of Rs 282,200. This brings gold prices within striking distance of the record high of Rs 287,900, which was recorded on October 30, 2024. Similarly, the price of 24-karat gold per 10 grams increased by Rs 342, closing at Rs 242,283, compared to the prior day’s closing of Rs 241,941.
According to bullion market experts, the rise in gold prices in Pakistan is directly linked to an uptrend in global markets. In the international bullion market, gold prices climbed by $2, reaching $2,705 per ounce, compared to the previous day’s closing of $2,703 per ounce. This marginal increase in global prices has amplified the impact on local gold prices due to currency exchange rate volatility and strong demand within Pakistan.
The sustained increase in gold prices has raised concerns among jewelry buyers and investors, as gold remains a preferred choice for both investment and ornamental purposes in Pakistan. Experts suggest that uncertainty in global economic conditions and geopolitical tensions have further fueled the demand for gold as a safe-haven asset, thereby driving prices upward.
Market Implications
The soaring gold prices in Pakistan have created challenges for middle-income buyers while providing opportunities for investors seeking to capitalize on rising trends. Analysts predict that if international prices continue to climb, local gold prices could surpass the previous record high, setting a new benchmark for the precious metal in Pakistan.
Traders and buyers are advised to monitor the market closely and stay updated with daily price fluctuations. For those planning significant purchases, including weddings or investments, the current trajectory of gold prices demands careful planning to mitigate financial impact.