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Islamabad, Pakistan – September 20, 2024
In a dramatic turn of events, gold prices in Pakistan have surged to unprecedented levels, with a staggering Rs. 3,500 increase per tola (11.66 grams) and a Rs. 3,000 hike per 10 grams. This development comes as global gold prices experience a significant $35 per ounce upswing, reaching $2,612.
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According to market analysts, the escalation of tensions in Gaza and the US Federal Reserve’s decision to slash interest rates have created a perfect storm, driving gold prices to new heights.
“The current geopolitical landscape and monetary policy shifts have created an ideal environment for gold to shine,” stated Muhammad Arshad, Chairman of the All Pakistan Jewellers Manufacturers Association.
Pakistan’s gold market has witnessed a remarkable upswing, with prices soaring by Rs. 52,300 per tola and Rs. 44,939 per 10 grams since January 1st. This sharp increase has left investors and consumers reeling.
“The gold market is highly sensitive to global fluctuations, and Pakistan is no exception,” explained Arshad. “We anticipate continued volatility in the coming weeks.”
The record-breaking prices have raised concerns among consumers, who are now grappling with the financial implications of this surge.
“This is a challenging time for consumers, especially those planning weddings or other significant purchases,” said Karachi-based jeweler, Fahad Khan.
As the global gold market continues to experience turmoil, Pakistan’s economy remains vulnerable to external factors.
Market Snapshot:
– Gold price per tola: Rs. 272,000
– Gold price per 10 grams: Rs. 233,196
– Global gold price: $2,612 per ounce
– Increase since January 1st: Rs. 52,300 per tola, Rs. 44,939 per 10 grams