Gold prices in Pakistan have steadily climbed throughout 2024, with the precious metal gaining nearly Rs. 50,000 per tola since January 1st. At the close of 2023, the price of 24-carat gold stood at Rs. 220,000 per tola. The new year began with a slight drop of Rs. 300, bringing the price down to Rs. 219,700 per tola.
However, this minor dip was short-lived, as the price surged by Rs. 48,500, reaching a record high of Rs. 268,500 per tola as of September 19. This represents a 22% increase since the beginning of the year.
The rise in gold prices in Pakistan is closely tied to international trends and the exchange rate, which has remained relatively stable. The global gold market has increased by around 24% since the start of 2024.
Global investment bank UBS predicts that this upward trend may continue, with a target price of $2,700 per ounce (up from the current $2,587) by mid-2025. If this forecast holds, Pakistan’s gold prices are expected to rise further as well.
