Gold Surges in International and Local Markets
Gold prices have reached historic highs for the third straight day in both global and local markets, reflecting strong investor interest amid economic uncertainties.
In the international bullion market, gold prices increased by $9 per ounce, reaching $2,953.
Similarly, in the Pakistani market:
- Gold per tola rose by Rs1,000, reaching Rs309,000.
- Gold per 10 grams increased by Rs857, now standing at Rs264,917.
These record-breaking price movements align with the global trend of rising gold demand, driven by economic instability, inflation concerns, and geopolitical risks.
Gold Price Trends Over the Week
The sharp surge follows an already strong uptrend earlier in the week:
- Wednesday: Gold prices jumped by Rs3,800 per tola, reaching Rs308,000, while 10-gram gold increased by Rs3,258 to Rs264,060.
- Tuesday: A Rs1,000 per tola rise was recorded.
- Internationally, gold surged by $34 per ounce on Wednesday, hitting $2,944, fueled by geopolitical tensions and demand for safe-haven assets.
Market Outlook & Expert Insights
Experts highlight the strong upward momentum in gold prices, noting that despite the recent surge, the market has not seen a correction, which typically follows such gains.
Analysts predict that gold prices could touch $3,000-$3,100 per ounce in the near future, although traders remain cautious about potential volatility.
Impact on Pakistani Economy
- Pakistani Rupee: The rupee weakened slightly by 0.04% against the US dollar, closing at 279.47.
- T-Bill Auction: The State Bank of Pakistan (SBP) raised Rs258.8 billion in its Treasury Bill auction, falling short of its Rs350 billion target, indicating cautious investor sentiment.
