Gold Prices in Pakistan Reach New High
The surge in gold prices is attributed to trade war concerns and economic uncertainty, with prices reaching a new record high of Rs300,046 per tola, and analysts predicting that demand may keep prices elevated, making gold a sought-after safe-haven asset.
Gold prices in Pakistan have surged to an all-time high, with 24-karat gold prices reaching Rs299,600 per tola and Rs256,859 for 10 grams, amid economic uncertainty and currency depreciation.
The National Bank of Pakistan's Treasury & Capital Markets Group released an Exchange Rates Bulletin on February 07, 2025, setting the exchange rates for several currencies, including USD, EUR, GBP, and AUD. The bulletin also noted that the Pakistan Stock Exchange (PSX) opened at 41,002 with a gain of 190 points. However, the focus has shifted to the gold market, where prices have jumped significantly due to investors seeking safe-haven assets.
In the global market, the price of gold jumped by $53 per ounce to a record $2,868, while locally, gold prices continued to rise, reaching a new record high of Rs300,046 per tola, up from Rs1,346. The 10-gram gold prices reached Rs257,241 after an increase of Rs1,154. The surge in demand is attributed to trade war concerns fueling safe-haven buying ahead of the US payrolls report.
Analysts predict that the surge in demand may keep gold prices elevated in the near future. The price of silver also increased by Rs36 to Rs3,350 per tola and Rs31.50 to Rs2,872 for 10 grams. The currency exchange rates set by the National Bank of Pakistan are as follows: USD: 270.25-270.75 to PKR, EUR: 305.20-305.70 to PKR, GBP: 320.50-321.00 to PKR, and AUD: 195.80-196.30 to PKR.
As the economic uncertainty and currency depreciation continue, investors are likely to seek safe-haven assets, which may further drive up gold prices in Pakistan. The Pakistan Stock Exchange's gain of 190 points is a positive sign, but the focus remains on the gold market, where prices are expected to remain elevated in the near future.
