Gold Prices in Pakistan Hit Record High on September 13, 2024

 

Gold Prices in Pakistan Hit Record High on September 13, 2024

On September 13, 2024, gold prices in Pakistan surged to an all-time high, with 24-karat gold reaching Rs265,900 per tola. This significant rise of Rs2,900 reflects the ongoing trend of increasing gold prices, driven by global economic factors. Similarly, 10 grams of 24-karat gold saw an increase of Rs2,486, bringing the new price to Rs227,966, as reported by the Karachi Sarafa Association.

The upward momentum wasn’t limited to 24-karat gold alone. The price of 22-karat gold also rose, reaching Rs208,970 per 10 grams. Alongside the increase in gold prices, silver followed suit, with 24-karat silver now priced at Rs2,950 per tola, a rise of Rs50, and Rs2,529 per 10 grams, up by Rs43.

Global Gold Prices and Economic Influences

On the global stage, gold prices also experienced a notable increase. Spot gold traded near $2,570 per ounce, reflecting a rise of $11.7 or 0.46% from the previous trading session. The rise in gold prices globally is primarily fueled by market speculation about a potential interest rate cut by the Federal Reserve next week. Recent U.S. economic data signaled a slowdown, which bolsters expectations that the Fed may introduce policies aimed at stimulating growth. This uncertainty in global markets has made gold prices climb as investors flock to gold as a safe-haven asset.

 Domestic and Global Trends

The significant increase in gold prices in Pakistan mirrors the broader global trends. The ongoing global economic uncertainty, particularly around interest rates and inflation, has driven many investors toward gold. Pakistan, being a major consumer of gold, especially during the wedding season and cultural celebrations, has seen its domestic demand contributing to the rising gold prices.

Here’s a quick comparison of the gold and silver prices in Pakistan on September 13, 2024, as compared to the previous day:

| Metal             | Sep 13, 2024 | Sep 12, 2024 | Change |

|-------------------|--------------|--------------|--------|

| Gold (24-karat)| Rs265,900    | Rs263,000    | +Rs2,900 |

| Silver (24-karat)| Rs2,950      | Rs2,900      | +Rs50   |

Future Outlook for Gold Prices

As gold prices continue to rise, investors and consumers alike are keeping a close eye on both domestic and global market conditions. The expected decision from the Federal Reserve next week could further impact gold prices globally, which in turn would affect the prices in Pakistan. Should the Federal Reserve decide to lower interest rates, we could see another surge in gold prices as more investors turn to the metal for security.

Conclusion

The record-breaking gold prices in Pakistan highlight the volatile nature of global economics. As factors like inflation, interest rates, and market confidence continue to evolve, gold remains a key asset for investors seeking stability. With gold prices at an all-time high of Rs265,900 per tola, the market will likely continue to experience fluctuations, making it essential for buyers and investors to stay informed of future trends.