ISLAMABAD: Gold prices in Pakistan continued their upward trend on Friday, aligning with significant increases in global markets. In the local market, the price of gold per tola rose by Rs3,000, reaching a new record high of Rs280,900.
In addition, the price for 10 grams of gold climbed to Rs240,826 after an increase of Rs2,572, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This follows a previous day’s rise where gold prices had already surged by Rs700, settling at Rs277,900.
On the international front, gold also saw a boost, reaching $2,712 per ounce (with a premium of $20), marking an increase of $30 within the day. Meanwhile, silver prices gained Rs50, bringing the cost to Rs3,100 per tola.
Globally, gold surpassed the $2,700-per-ounce mark for the first time, driven by heightened demand for safe-haven assets amid US election uncertainties and ongoing tensions in the Middle East. The looser monetary policy environment further contributed to this rally.
“Gold has brushed aside a rising dollar, continuing to rally at every opportunity. It’s a bull market that shows no signs of slowing down,” commented Tai Wong, a New York-based independent metals trader.
Recent US economic data has indicated a strengthening economy, which has bolstered the US dollar and Treasury yields. However, traders still anticipate a 90% likelihood of a Federal Reserve rate cut in November, which could impact future gold prices.
