Karachi, November 13, 2024 – Gold prices in Pakistan saw a notable rebound on Wednesday, rising by Rs 1,400 per tola, driven by an upward trend in the international gold market.
The 24-karat gold prices per tola closed at Rs 271,900, up from the previous day’s price of Rs 270,500. The price of 10 grams of 24-karat gold also increased by Rs 1,200, reaching Rs 233,111.
This surge in local gold prices mirrors gains in international markets, where gold rose by $14, closing at $2,607 per ounce compared to the previous day’s $2,593. Analysts attribute this increase to heightened demand in the international markets, which has influenced gold prices worldwide, including Pakistan.
Gold prices had previously hit an all-time high of Rs 287,900 per tola on October 30, 2024, amid a mix of factors, including global economic uncertainties and fluctuating demand. Since then, prices have seen considerable fluctuations, reflecting the volatile nature of the precious metals market.
According to market experts, Pakistan’s gold prices are closely linked to global trends due to reliance on imported gold, which subjects the local market to the effects of international shifts. Investors often turn to gold as a safe haven in times of economic uncertainty, which drives up demand and, subsequently, prices. The recent increase in international gold prices has rekindled this trend, pushing local prices higher once again.
Pakistan’s bullion market has experienced several ups and downs in recent months, influenced by both international dynamics and local currency fluctuations. With the rupee facing periodic depreciation against the dollar, the cost of importing gold rises, placing upward pressure on local prices. Additionally, geopolitical tensions and inflation concerns in global markets have further fueled investor interest in gold as a reliable store of value.
Looking ahead, analysts suggest that if international prices continue to rise, local gold rates may follow suit. However, they also advise caution, noting that gold prices are sensitive to various factors, including global monetary policy shifts and changing investor sentiments. For now, the recent surge in prices has drawn renewed interest in the precious metal among investors and jewelry buyers alike.
As global market dynamics continue to unfold, Pakistan’s gold prices are expected to remain responsive to international trends, reflecting the ongoing volatility and investment appeal of the gold market.
