Gold prices in Pakistan have soared to a record high, reaching Rs245,100 per tola (24K) on Saturday, surpassing the previous peak of Rs242,700 set on Sept 2 last year. The spike is attributed to a $44 per ounce increase in the international market, which hit an all-time high of $2,350. Despite a slight premium of over $20 in domestic rates compared to international prices, some traders in Karachi are offering lower rates, indicating buyers’ difficulty in coping with frequent price fluctuations. The high prices, coupled with low purchasing power and security concerns, have dampened buying sentiment, with many shopkeepers opting to keep their businesses closed during the last days of Ramazan. The ongoing Gaza crisis and speculation over future interest rate cuts have also contributed to the surge in gold prices globally, prompting investors in Pakistan to turn to gold as a safe investment. However, gold imports have plummeted, indicating subdued demand in the local market despite the approaching post-Eid wedding season.
ADVERTISEMENT
