Karachi, January 16, 2025 – Gold prices in Pakistan surged by Rs 1,400 per Tola on Thursday, driven by a sharp rise in international markets. This significant increase has captured the attention of investors and traders alike.
The price of 24-karat gold per Tola climbed to Rs 282,200, up from the previous day’s closing of Rs 280,800 in domestic markets. The latest increase places gold prices closer to the all-time high of Rs 287,900 per Tola, which was recorded on October 30, 2024.
Similarly, the price of 24-karat gold per 10 grams rose by Rs 1,200, reaching Rs 241,941 compared to the previous day’s closing of Rs 240,741 in local markets. The consistent rise in gold prices highlights the commodity’s growing appeal as a safe-haven asset amid global economic uncertainties.
According to bullion market experts, the primary driver behind the rise in local gold prices is the upward trend in international markets. Gold prices in the global market increased by $13 per ounce, closing at $2,703 compared to the previous day’s rate of $2,690. This upward movement reflects heightened demand for gold as a hedge against inflation and economic instability in several regions.
The local bullion market, influenced by the international gold prices, also reacts to fluctuations in the exchange rate. The rupee’s continued depreciation against the US dollar has further amplified the increase in domestic gold prices. As gold is traded in dollars globally, a weaker rupee makes the precious metal more expensive for Pakistani buyers.
The surge in gold prices is expected to impact jewelry demand, with traders anticipating reduced consumer activity in the short term due to high prices. However, gold continues to be a popular investment choice in Pakistan, particularly during times of economic uncertainty.
Investors and market participants are closely monitoring the international trends and domestic economic conditions, which are likely to influence gold prices in the coming weeks. The precious metal’s strong performance underscores its enduring appeal as a reliable store of value in volatile times.