Gold prices surge in global and local markets

The price of 24-carat gold per tola rose by Rs 1,000, reaching Rs 273,600.


News Desk January 01, 2025

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Gold prices have risen in both global and local markets on the first day of the new year.

In the international bullion market, the price of gold per ounce increased by $10, reaching a new global price of $2,624.

Meanwhile, in local gold markets, the price of 24-carat gold per tola rose by Rs 1,000, reaching Rs 273,600. Similarly, the price of 10 grams of gold also increased by Rs857, reaching Rs234,568.

Previously the price of gold per tola has dropped by Rs 600, reaching Rs 272,600, while the price per 10 grams fell by Rs 514 to Rs 233,711.

Gold prices in 2024 reached historic highs, driven by central bank purchases including by emerging markets and escalating geopolitical tensions.

International rates peaked around $2,790 per ounce, while in Pakistan, prices soared to Rs287,900 per tola, reflecting gold’s role as a safe-haven asset.

Key factors included intensified conflicts in the Middle East and the lingering impact of Russia-Ukraine war, alongside concerns over US debt sustainability and fiscal risks.

Central banks, particularly in China, India, and Turkey, boosted their reserves, while US inflation declines and interest rate cuts further enhanced gold’s appeal.

As Pakistan’s gold market delivered a 24% profit, outperforming other traditional investments like property and the US dollar, analysts predict further gains in 2025, with Goldman Sachs forecasting prices to hit $3,000 per ounce.

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