Gold prices in Pakistan hit another record high

KARACHI: Gold prices in Pakistan climbed further on Tuesday, extending their record-breaking run in line with international gains.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold rose by Rs4,100 to reach Rs388,100 per tola. The 10-gramme rate also touched a new peak of Rs332,733, up by Rs3,514 during the day.

The price of 22-karat gold followed the upward trend, standing at Rs305,016 per 10-gram. Silver too saw gains, with 24-karat silver being sold at Rs4,358 per tola after a Rs20 increase, while the 10-gram price rose by Rs17 to Rs3,736.

International market drives surge

The rally in Pakistan mirrors global trends. Spot gold traded near $3,654 an ounce on Tuesday, up 0.51 percent from the previous session, after earlier touching a record $3,659. US gold futures for December delivery also edged 0.4 percent higher to $3,693.

Gold has now gained nearly 39 percent so far this year, building on a 27 percent rise in 2024. Analysts say growing expectations of a US Federal Reserve rate cut have weakened the dollar and dragged bond yields lower, making bullion more attractive for investors.

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“The market’s conviction of rate cuts has re-energised bulls, pushing gold to new highs. A softer dollar and central bank buying have added strength to this rally,” said Han Tan, chief market analyst at Nemo.money.

Record highs through September

Gold has been on an unrelenting upward march since the start of the month. On September 1, prices in Pakistan broke through Rs370,000 per tola for the first time. Since then, the market has seen almost daily gains, with Tuesday’s Rs388,100 marking yet another historic high.

On September 8, gold had closed at Rs384,000 per tola, after gaining Rs6,100 in a single day. Earlier on September 5, it stood at Rs377,900 per tola, while September 3 saw a sharp Rs6,000 jump, pushing it to Rs376,700.

Traders note that demand for physical gold has slowed at these record levels, but investors continue to view the metal as a safe haven against global economic uncertainty.

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