Karachi, May 10, 2024 – The price of gold in Pakistan saw a steep increase of Rs 4,600, with industry experts attributing this surge to fluctuations in the international market.
The price per tola of 24-karat gold escalated to Rs 243,800 up from Rs 239,200 the day before, mirroring global trends where the precious metal continues to climb.
This sharp increase is part of a continuing trend of volatility in gold prices, which had previously reached an all-time high of Rs 252,200 per tola on April 20, 2024. Since hitting that peak, the market has experienced frequent fluctuations, underscoring the unpredictable nature of global financial currents affecting the commodity’s pricing.
The price for 24-karat gold per 10 grams also rose dramatically, climbing Rs 3,944 to settle at Rs 209,019, compared to Rs 205,075 the previous day. These figures reflect a broader pattern of rising gold prices internationally, which saw the metal increase by $54 to reach $2,366 an ounce—a significant rise from $2,312 at the last close.
Analysts point to a variety of factors influencing this surge, including economic uncertainties and shifts in investor behavior. Gold, often considered a safe haven during times of economic instability, has attracted increased attention from both individual investors and institutional holders, responding to current geopolitical tensions and market uncertainties.
“The rise in local gold prices is directly linked to its international demand,” explains a financial analyst. “Investors are increasingly turning to gold as a safeguard against potential market downturns and inflation, driving up prices both globally and locally.”
The local bullion markets have reacted swiftly to these changes. Traders report a brisk increase in activity, with both buyers and sellers keen to adjust their holdings in response to the dynamic pricing environment. “We’ve seen a noticeable uptick in transactions since the prices jumped,” said a dealer from Karachi’s main gold market. “People are anxious to either secure their investments or profit from the current high rates.”
This uptick in gold prices not only affects investors and financial markets but also has broader economic implications for industries dependent on precious metals, including jewelry and electronics manufacturing. As prices climb, these sectors could face increased production costs, potentially passing these on to consumers.
As Pakistan grapples with these changes, the eyes of both local and international investors remain fixed on gold, watching to see how far and how fast the precious metal will move in this complex financial landscape.
