Gold Prices in Pakistan Surge by Nearly Rs. 50,000 in 2024
The price of gold in Pakistan has seen a remarkable rise since the beginning of 2024, increasing by nearly Rs. 50,000 per tola. At the end of 2023, the price of 24-carat gold was Rs. 220,000 per tola. The new year began with a minor dip of Rs. 300, bringing the price down to Rs. 219,700 per tola.
However, this temporary decline was short-lived. Since then, gold prices have skyrocketed by Rs. 48,500 per tola, reaching a historic high of Rs. 268,500 per tola as of September 19, 2024. This marks a substantial gain of 22 percent year-to-date.
Read More: Oil prices decline as the US rate cut fails to lift market sentiment
The increase in gold prices in Pakistan is closely tied to fluctuations in the international market and the exchange rate. Notably, gold prices globally have risen by approximately 24 percent since January, while the exchange rate has remained relatively stable throughout the year.
Global investment bank UBS predicts that this upward trend may continue, forecasting a target price of $2,700 per ounce by mid-2025, up from the current price of around $2,587. If this projection holds true, gold prices in Pakistan are likely to increase further, reflecting the global demand for this precious metal.
