Karachi, November 15, 2024 – Gold prices in Pakistan surged by Rs 1,300 per tola on Friday, reflecting the impact of rising international gold rates and regional uncertainties.
The price of 24-karat gold reached Rs 267,700 per tola in local markets, up from the previous day’s Rs 266,400. Similarly, the rate for 24-karat gold per 10 grams climbed by Rs 1,115, settling at Rs 229,510 from Rs 228,395.
Global Market Trends Drive Domestic Prices
The surge in Pakistan’s gold prices mirrors the upward movement in international bullion markets. Global gold rates rose by $13 per ounce, closing at $2,565 compared to the prior day’s $2,552. This increase is attributed to growing demand for safe-haven assets amid escalating geopolitical tensions in the Middle East.
Experts in the bullion market noted that global uncertainties have made gold prices volatile, influencing domestic markets significantly. Investors often turn to gold as a hedge against economic instability, leading to fluctuations in its value.
Gold Prices Remain Volatile
This latest uptick follows a period of price volatility in Pakistan. On October 30, 2024, gold prices hit an all-time high of Rs 287,900 per tola. Since then, fluctuations in both local and international markets have kept prices unstable, with today’s rise marking another significant shift.
Impact on Local Markets
The increase in gold prices has implications for consumers and traders in Pakistan. For consumers, higher rates make gold less affordable, potentially affecting jewelry purchases and investment decisions. For traders, the volatility requires careful monitoring of market trends to manage stock levels and pricing strategies effectively.
Outlook
Looking ahead, analysts predict that gold prices in Pakistan will remain sensitive to international market dynamics and geopolitical developments. The interplay of global demand, currency exchange rates, and regional stability will continue to shape the trajectory of gold prices in the coming weeks.
While the latest surge underscores gold’s status as a reliable asset during uncertain times, it also highlights the challenges faced by local markets in adapting to rapid price changes.
