Gold prices in Karachi reached unprecedented levels on Tuesday, with the cost of 10 grams soaring to Rs246,828 and one tola hitting Rs287,900. This marks an increase of Rs2,486 and Rs2,900, respectively, from the previous day.
Rising Prices Explained
According to the All Sindh Saraf and Jewellers Association (ASSJA), the surge in domestic gold prices is largely attributed to a rise in global rates. The international price of gold increased by $29 per ounce, reaching $2,784, which includes a $20 per ounce premium. Since January 1, gold prices have risen significantly, with 10 grams costing Rs188,357 and one tola priced at Rs219,700 earlier this year.
Key Price Changes:
- Current Prices:
- 10 grams: Rs246,828
- One tola: Rs287,900
- Price Increases:
- Daily increase for 10 grams: Rs2,486
- Daily increase for one tola: Rs2,900
- January 1 Prices:
- 10 grams: Rs188,357
- One tola: Rs219,700
- International Gold Rate:
- Up $702 from $2,082 at the start of the year
Factors Driving Demand
Gold buying is gaining traction among investors due to several global factors:
- Rising Tensions in the Middle East: Ongoing conflicts often drive investors to seek safe-haven assets like gold.
- Upcoming US Elections: Political uncertainty can lead to market volatility, prompting more people to invest in gold.
- Declining Interest Rates: Lower interest rates make gold more attractive compared to interest-bearing investments.
What This Means for Consumers
With gold prices climbing, consumers are facing significantly higher costs. The difference in price since January amounts to Rs58,471 for 10 grams and Rs68,200 for one tola.
