Gold prices in Pakistan maintained their upward trajectory on Friday in line with their increase in international rates. In the local market, the price of gold per tola increased by Rs3,000, clocking in at Rs280,900, which is the latest record high in Pakistan.
Similarly, 10-gram gold was sold at Rs240,826 after it recorded an increase of Rs2,572, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Thursday, gold price had increased by Rs700 to settle at a then-record high level Rs277,900.
Meanwhile, the international rate of gold increased on Friday. As per APGJSA, the rate was at $2,712 per ounce (with a premium of $20), and was up by $30 during the day.
Silver prices gained Rs50 to settle at Rs3,100 per tola.
Globally, gold breached the $2,700-per-ounce level on Friday for the first time ever, as US election jitters and simmering Middle East tensions boosted safe-haven demand, while a looser monetary policy environment also added fuel to the rally.
“Gold has scoffed at a surging dollar and rallies at every chance it gets. It’s just a bull market that shows no signs of exhaustion,” said Tai Wong, a New York-based independent metals trader.
US economic data released overnight pointed to a strengthening economy, which boosted the US dollar and Treasury yields. But traders still see a 90% chance of a Federal Reserve rate cut in November.
American Dollar Exchange Rate