KEY POINTS
- 24K gold hits record Rs391,000 per tola in local markets.
- 10-gram price climbs to Rs335,219 after daily rise of Rs4,030.
- International bullion at about $3,692/oz (with $20 premium); spot hit near $3,689/oz.
- Silver also firm — local per-tola rate up to Rs4,496.
ISLAMABAD: Gold prices in Pakistan soared to an all-time high on Tuesday, with 24-karat gold in the domestic sarafa market reaching Rs 391,000 per tola, up Rs 4,700 from the previous session.
According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold at Rs335,219, after a one-day gain of Rs4,030, while the per-tola rate on Monday had held at Rs386,300.
The domestic jump tracked gains in the international market, where the association reported an effective international price of about $3,692 per ounce (including a $20 premium) — a daily rise of roughly $49.
Global spot bullion earlier touched a session peak near $3,689.27 per ounce before easing slightly, reflecting strong safe-haven buying ahead of a key U.S. Federal Reserve policy meeting.
Silver firmed alongside gold: APGJSA quoted silver at Rs4,496 per tola, an increase of Rs53 on the day, as demand for precious metals strengthened amid dollar-softening and rate-cut expectations.
Market participants observed that the rally was being driven by growing expectations of US monetary easing, which lowers the opportunity cost of holding non-yielding assets.
Reuters quoted market analysts noting that while momentum remains strong, short-term corrections are possible after a rapid price run-up.
Jewellers and retail traders in Karachi and Lahore informed business desks that consumer demand has been uneven: investment buying (bars, coins, ETFs) and safe-haven flows are supporting prices, while everyday jewellery purchases are becoming more price-sensitive as retail premiums move higher.
Local dealers said import parity and the rupee moves will determine how long this local high can be sustained, according to Mettis Global.
What to watch next: Traders and analysts will be watching the Federal Reserve’s policy statement and the dollar index for cues; a dovish Fed would likely sustain bullion’s advance, while firmer U.S. data or a rebound in the dollar could trigger profit-taking and a pullback from current peaks.
