Gold Prices in Pakistan Today Hit Rs303,000
The rise in gold prices has been driven by a combination of factors, including the escalating global trade war and the expansion of China's gold reserves. As investors seek safe-haven assets, the demand for gold is expected to remain high, driving up prices in Pakistan and internationally.
Gold prices in Pakistan surged to an all-time high of Rs303,000 per tola, a rise of Rs4,000, due to escalating global trade tensions and investors seeking safe-haven assets. The 10-gram rate also rose to Rs259,773, up by Rs3,429, as the Pakistani rupee depreciated by 0.06% against the US dollar, settling at 279.22.
The surge in gold prices is attributed to fears of a renewed trade war following US President Donald Trump's tariff proposals. The People's Bank of China also expanded its gold reserves for a third consecutive month, further boosting demand. Analysts predict that the gold market will remain bullish, with any slight dip expected to be viewed as a buying opportunity. The international rate of gold reached a record high of $2,903 per ounce, with a premium of $20, and rose by $42 during the day.
The government's authorization to utilize Rs 628.891 billion out of a total allocation of Rs 1100 billion for development funds was also announced, but the main focus remained on the rising gold prices. Silver prices also increased by Rs43 to clock in at Rs3,373 per tola. The surge in gold prices can be attributed to investors seeking safe-haven assets due to concerns of a global trade war sparked by US President Donald Trump's decision to impose fresh tariffs on steel and aluminium imports into the US.
As the global trade tensions continue to escalate, it is likely that gold prices in Pakistan will remain high, providing a safe-haven asset for investors. The Pakistani rupee's depreciation against the US dollar has also contributed to the rise in gold prices, making it more expensive for investors to buy gold in the international market.
