KEY POINTS
- 24K gold rises Rs 5,800 per tola to record Rs 440,900
- Silver prices remain unchanged in local trade
- Dealers cite rupee weakness, global cues behind gains
- International bullion stable around $2,380 per ounce
KARACHI, Pakistan: Gold prices in Pakistan soared to a new all-time high on Wednesday, following sustained pressure on the rupee and stronger international bullion cues, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) and local market reports.
The price of 24-karat gold surged by Rs 5,800 to Rs 440,900 per tola, while the rate for 10 grams rose by Rs 4,972 to Rs 378,000, data released by the APSGJA showed.
Market participants told The Express Tribune that the increase was primarily driven by depreciation in the rupee against the US dollar and higher demand in the physical market ahead of the wedding season.
“Traders are reacting to currency movement and the premium on imported gold, which has widened due to volatility,” said a Karachi-based jeweller.
In the international market, gold prices climbed above US$4,200 per ounce, marking a historic high as investors sought safety amid global economic uncertainty and shifting expectations of U.S. monetary policy, according to Reuters and Bloomberg.
Meanwhile, Brent crude oil traded around US$63 per barrel, slipping slightly as traders weighed concerns over global demand and supply outlooks.
Bullion dealers said that local prices are now closely tracking fluctuations in both the dollar exchange rate and global gold markets. They added that the current rally reflects investor flight to safe-haven assets amid geopolitical uncertainty and domestic economic concerns.
Analysts expect domestic gold prices to remain volatile in the coming sessions, depending on exchange rate stability and global market cues.
