Karachi, November 21, 2024 – Gold prices in Pakistan witnessed a surge of Rs 3,700 per tola on Thursday due to a significant increase in international markets.
The prices of 24-karat gold per tola rose to Rs 278,000, up from the previous day’s closing rate of Rs 274,300 in local markets. Gold prices in Pakistan reached an all-time high of Rs 287,900 on October 30, 2024, and have since experienced considerable fluctuations.
The prices of 24-karat gold per 10 grams also increased by Rs 3,172, reaching Rs 238,340, compared to the previous day’s closing of Rs 233,168 in the domestic market.
Bullion market experts attributed the surge in gold prices to significant increases in international markets, driven by geopolitical tensions in the Middle East, which have kept precious metal prices volatile.
In the international markets, gold prices increased by $37, closing at $2,668 per ounce, compared to the previous day’s closing of $2,631.
The surge in gold prices has also raised concerns among jewelers and investors, who are closely monitoring the market’s volatility. Jewelers report a decline in consumer demand due to higher prices, while investors view gold as a hedge against inflation and geopolitical uncertainty.
Experts predict that the global gold market may remain unstable in the coming weeks, especially with ongoing geopolitical tensions and fluctuating demand in Asian markets. Pakistan, being a price-sensitive market, has seen a drop in purchasing power, leading to reduced transactions in the bullion and jewelry sectors.
Additionally, economic challenges, such as currency devaluation and rising inflation, have exacerbated the impact of soaring gold prices, making it difficult for average consumers to invest in the precious metal.
The bullion market experts also said that due to surge in cryptocurrencies the prices of gold in global markets were also saw massive fluctuations. They said that due to rising trends of prices in other commodities the gold was also under limelight.
