KARACHI:
Gold prices in Pakistan surged to a new record high on Monday, reflecting an upward trend in international markets. In the local market, the price of gold per tola climbed by Rs1,100 to Rs314,800.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 10-gram gold rose by Rs943 and reached Rs269,890. The increase followed a drop of Rs300 in the per-tola price on Saturday.
Similarly, gold prices in the international market also saw an upward movement. As per APSGJA, the bullion rate stood at $2,997 per ounce (including a $20 premium), reflecting a $13 increase during the day.
“Today (Monday), local and international rates are at an all-time high,” said APSGJA President Mohammad Qasim Shikarpuri.
Interactive Commodities Director Adnan Agar, while commenting on the trend, noted that gold briefly touched the $3,000 mark on Friday and hovered around the same level on Monday. He attributed the surge to the global market dynamics, including the ongoing trade war and geopolitical tensions, such as the recent US-led strikes on Yemen. These factors have contributed to a sustained demand for gold as a safe-haven asset.
Agar stated that if the market surpassed the $3,000 threshold, prices could rise to $3,040-3,050 per ounce. However, if it fails to stay above this level, there is a possibility of pullback to $2,930-2,940 per ounce. The coming days will be crucial in determining the market’s direction.
Globally, gold prices were steady on Monday, sitting just below the $3,000 mark, which was finally broken last week, with a focus on trade tariffs and the US Federal Reserve’s policy meeting.
Spot gold edged up by 0.1% to $2,987.13 an ounce, having hit a record high of $3,004.86 on Friday.
The Federal Reserve will give its new economic projections this week, which will provide the most tangible evidence yet of how US central bankers view the likely impact of President Donald Trump’s policies that have clouded a previously solid economic outlook.
Meanwhile, the Pakistani rupee showed a slight improvement against the US dollar, appreciating by 0.02% in the inter-bank market.
By the end of the trading session, the currency stood at 280.17, higher by four paisa against the greenback. In contrast, the rupee had depreciated in the previous week, losing 24 paisa, or 0.09%. According to the State Bank of Pakistan (SBP), the local currency closed at 280.21 last week, compared to 279.97 in the week before.
On the global front, the US dollar remained near a five-month low against major currencies, weighed down by the unpredictable trade policies under Trump and a series of weak economic indicators.
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