Gold prices in Pakistan witnessed a significant surge on October 11, 2024, following an upward trend in the international market. The price of 24-karat gold increased by Rs 2,000 per tola, bringing the rate to an all-time high of Rs 235,000 per tola. This rise in prices is attributed to heightened global demand for the precious metal, as investors seek safe-haven assets amid ongoing economic uncertainties.
According to local traders, the increase in gold prices is expected to continue in the coming weeks, driven by fluctuating exchange rates and economic instability in various parts of the world. The demand for gold has particularly risen in anticipation of inflationary pressures, leading investors to hedge their bets on gold.
Market experts suggest that rising global geopolitical tensions and the devaluation of the Pakistani rupee have further contributed to the surge. With gold prices reaching new peaks, many buyers are reconsidering their investments, particularly ahead of the festive season in Pakistan. Analysts predict that the trend could stabilize in the future depending on international economic developments.
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