Gold Price in Pakistan Today Hits Record High
The surge in gold prices has significant implications for the economy, and analysts will be closely monitoring the situation to predict future trends. With international gold prices reaching new heights, it remains to be seen how the market will react in the coming days and weeks.
Gold prices in Pakistan surged to an all-time high of Rs357,800 per tola on Monday, driven by escalating global tensions and a weakening currency, with international gold prices also reaching a record high of $3,395 per ounce.
The significant increase in gold prices is attributed to intensifying economic tensions between the US and China, which has led to a surge in demand for safe-haven bullion. Analysts warn that gold prices may continue to rise, potentially hitting Rs450,000 per tola within a month, which could have significant implications for managing the exchange rate. The rupee has already declined by 0.05% against the US dollar, and a sudden spike in the rupee-dollar rate is a possibility.
The domestic market is facing a supply crunch, with strong investor demand and limited physical supply contributing to the price increase. The 10-gram gold price also increased by Rs6,944 to reach Rs306,755, while the silver price increased by Rs24 to settle at Rs3,441 per tola. International gold prices are expected to continue their upward trajectory, driven by a weakening dollar and ongoing uncertainty over US-China trade tensions.
As gold prices continue to rise, investors are advised to exercise caution and monitor market trends closely. The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) will likely continue to play a key role in shaping the gold market in Pakistan, and their future announcements will be closely watched by investors and market analysts.