The price of gold in Pakistan has been continuously increasing since the beginning of 2024, with a peak of nearly Rs. 50,000 per tola since January 1, 2024.

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At the end of 2023, the gold price (24 carats) in Pakistan was Rs. 220,000 per tola. As the new year started, the rate fell slightly by Rs. 300, bringing the price down to Rs. 219,700 per tola.

However, this slight dip didn’t last long, and since then, gold prices have rushed by Rs. 48,500 per tola, reaching a new high of Rs. 268,500 per tola on September 19. This jump denotes a 22 percent increase since the start of the year.

The climb in the Pakistan gold rate is closely linked to international market trends and the exchange rate. While the exchange rate in Pakistan has stayed relatively stable, the global gold price has increased by around 24 percent in 2024, driving up local prices.

According to UBS, a global investment bank, this upward trend may continue. UBS has set a target of $2,700 per ounce (currently around $2,587) by mid-2025, pointing out that gold prices in Pakistan could rise further in the coming months.

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