Gold Rates in Pakistan Surge to Rs356,100
The rise in gold prices is driven by global market trends, with the US Federal Reserve's policy decision and tariff threats from US President Donald Trump contributing to the increase. The Pakistani rupee's slight dip against the US dollar has also played a role in the surge, with silver prices also rising.
Gold prices in Pakistan have increased by Rs6,100 per tola, with 24-karat gold being sold at Rs356,100, while the price of 24-karat gold per 10-gram rose by Rs5,232 to Rs305,300. This surge is attributed to the rise in global gold prices, which reached a two-week high due to tariff threats from US President Donald Trump and the Federal Reserve's policy decision.
The price increase in Pakistan is a direct result of the fluctuation in international market trends, with local gold markets and Sarafa Markets in various cities providing the rates. The global gold prices rose by $76 to $3,316 per ounce, a gain of over 2%, driven by a weaker US dollar and safe-haven demand. Additionally, the Pakistani rupee recorded a slight dip against the US dollar, slipping by 0.06% in the inter-bank market.
Adnan Agar, Director at Interactive Commodities, noted that the gold market has turned upwards, but a key resistance zone lies between $3,360 and $3,380. This indicates that the gold prices may continue to rise, but with caution, as the market awaits the US Federal Reserve's policy decision, which may impact gold prices. Silver prices also rose, with 24-karat silver being sold at Rs3,485 per tola and Rs2,985 per 10-gram.
The increase in gold prices in Pakistan has significant implications for the local market, with investors and consumers alike affected by the surge. As the global market continues to fluctuate, it remains to be seen how the gold prices in Pakistan will be impacted in the coming days.