KEY POINTS
- 24-karat gold price jumps Rs 1,900 to a record Rs 442,800 per tola
- 10-gram 24K gold rises by Rs 1,629 to Rs 379,629
- Price surge driven by rupee weakness and global safe-haven demand
- International bullion holds near US $2,385/oz as investors eye U.S. policy cues
ISLAMABAD: Gold prices in Pakistan soared to another all-time high on Thursday, following persistent safe-haven buying both domestically and internationally.
According to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold increased by Rs 1,900 per tola, reaching Rs 442,800, while 10 grams of 24-karat gold climbed by Rs 1,629 to close at Rs 379,629.
Likewise, the rate of 22-karat gold stood at Rs 348,005 per 10 grams, up Rs 1,493 from the previous day’s level. The latest rise comes as the Pakistani rupee remains under mild pressure against the U.S. dollar, contributing to costlier local bullion valuations.
Local market dynamics
Jewellers attributed the sharp uptick to increased demand from investors seeking stability amid economic uncertainty.
Dealers said that local buying has remained strong despite record-high prices, with many investors preferring the bullion as a store of value against inflation and currency fluctuations.
“Even with record prices, physical demand in Karachi and Lahore markets is holding firm, largely driven by retail investors,” an APSGJA member told Business Recorder.
Global backdrop supports rally
Internationally, analysts observed a mix of geopolitical strains, strong central bank and ETF buying, and shifting expectations of US monetary policy as the primary drivers of the rally.
Major outlets reported spot gold trading in the low-to-mid US$4,200s/oz range during the session, a level that market strategists said could remain volatile until clearer macro policy direction emerges. Forecasts from several banks have also been revised upward on the back of recent flows.
“Global gold sentiment remains bullish, with central bank buying and inflation concerns supporting prices,” Reuters reported.
Outlook
Market analysts have anticipated domestic gold prices to remain volatile in the coming days, influenced by the rupee’s trajectory and developments in global bullion markets.
Retail jewellers predict that any weakness in the local currency or further global risk aversion could drive additional price gains, though some consolidation may occur once international markets stabilise.
