Gold Prices in Pakistan Hit All-Time High at Rs280,900 per Tola
Analysts indicate that the global gold rally shows no signs of slowing, despite a strengthening US dollar and rising Treasury yields.
Gold prices in Pakistan continued their upward trajectory on Friday, mirroring rising international rates.
The price per tola jumped by Rs3,000, reaching a record high of Rs280,900, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Additionally, the price of gold for 10 grams rose by Rs2,572, bringing it to Rs240,826.
This increase follows a smaller rise on Thursday, when gold prices went up by Rs700, settling at Rs277,900 per tola. Silver prices also saw a boost in Pakistan, climbing by Rs50 to reach Rs3,100 per tola.
This latest surge aligns with global trends, as gold prices have been steadily increasing due to heightened demand for safe-haven assets amid geopolitical tensions and economic uncertainty.
On the international front, gold prices rose to $2,712 per ounce (with a $20 premium), marking a $30 increase during the day.
This is the first instance of gold surpassing the $2,700-per-ounce mark, driven by concerns surrounding the US elections and ongoing conflicts in the Middle East, which have led to a rush toward gold as a stable investment.
Analysts indicate that the global gold rally shows no signs of slowing, despite a strengthening US dollar and rising Treasury yields.
Although recent US economic data suggests a robust economy, traders are still anticipating a 90% likelihood of a Federal Reserve rate cut in November, which could further bolster gold’s upward trajectory in the coming weeks.
