KEY POINTS
- Gold surges to a record Rs 416,778 per tola, following gains in global bullion prices.
- APGJSA attributes rise to international trends and rupee depreciation.
- Investors shift to gold as a hedge against inflation and geopolitical uncertainty.
- Global gold trades near record highs amid expectations of prolonged low interest rates.
ISLAMABAD: Gold prices in Pakistan continued their upward march on Tuesday, touching yet another record high as international bullion rates strengthened amid a consolidating local currency and persistent global uncertainty.
According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the per tola price of 24-karat gold rose to Rs 416,778, while the price of 10 grams stood at Rs 357,319. The association said the increase followed a consistent rise in international gold prices and fluctuations in the Pakistani rupee.
As reported by ProPakistani, the domestic market remained on edge with gold prices hovering near the Rs 420,000 mark per tola, underscoring renewed investor interest in safe-haven assets amid concerns over the global economy and geopolitical tensions. The report noted that the local market is closely tracking the international bullion rally.
Business Recorder also cited APGJSA data, confirming a gain of Rs 1,500 per tola compared to the previous session. Analysts quoted by the publication said that with inflationary pressures persisting and the rupee showing weakness against the dollar, investors were shifting towards gold as a hedge against economic uncertainty.
Globally, spot gold traded near record levels, supported by expectations of prolonged low interest rates by major central banks and rising geopolitical risks in the Middle East and Asia. Market analysts noted that sustained demand for bullion in both global and domestic markets could keep prices elevated in the near term.
