On October 29, 2024, the price of gold in Pakistan surged by Rs. 1,600 per tola, coming close to its all-time high. This fluctuation highlights the ongoing volatility in the gold market, which has seen significant price movements in recent days.
Recent Price Movements
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-carat gold in Pakistan now stands at Rs. 285,000 per tola. The price of 10 grams of gold also experienced a notable increase, rising by Rs. 1,372 to reach Rs. 244,342. This surge follows a decrease of Rs. 900 the previous day, when gold closed at Rs. 283,400 per tola.
Current Gold Prices
| Gold Type | Price (Rs.) |
|---|---|
| 24-Carat Gold | 285,000 per tola |
| 10 Grams of Gold | 244,342 |
| Previous Close | 283,400 per tola |
These shifts indicate a turbulent market, making it crucial for buyers and investors to stay alert.
Approaching Historical Highs
The latest price of Rs. 285,000 is just shy of the previous all-time high of Rs. 285,400, which was recorded on October 23, 2024. This trend reflects the growing demand for gold as a safe-haven investment amid economic uncertainties. Many individuals turn to gold during tough economic times, pushing prices higher as they seek stability.
Global Market Influences
The rise in local gold prices coincides with movements in the international market. As of 10:31 GMT on the same day, spot gold prices increased by 0.3 percent to $2,748.64 per ounce, while US gold futures rose by 0.2 percent, reaching $2,760.80 per ounce. This global price increase often impacts local markets, driving up prices in countries like Pakistan. Factors such as inflation, currency fluctuations, and geopolitical tensions contribute to these trends.
Conclusion
The recent spike in gold prices in Pakistan underscores the dynamic nature of the market and its sensitivity to both local and international factors. Investors and buyers should stay informed about these changes, as gold continues to be a popular investment choice in uncertain economic times. Whether you are looking to invest in gold or simply keep an eye on market trends, understanding these fluctuations is essential.
Keeping track of gold price movements can help you make informed decisions in this ever-changing market.