Gold prices reach new historic peak as PSX touches record level

KARACHI: Gold prices soared to new record levels on Wednesday, continuing their upward streak in both domestic and international markets as investor demand for the safe-haven asset grew stronger.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola in the local market jumped by Rs6,000 to reach Rs376,700, marking another historic high. Similarly, the price of 10-gram gold also climbed, rising by Rs5,144 to stand at Rs322,959.

This surge came after prices had remained stable a day earlier at Rs370,700 per tola. On Monday, the yellow metal had already gained Rs3,300, closing at Rs370,700 amid optimism in the international market that the US Federal Reserve could cut interest rates in September.

Global market surge fuels rally

The momentum was not limited to Pakistan. Internationally, gold touched an all-time high of $3,540 per ounce, including a premium of $20, reflecting a sharp gain of $60. Analysts believe the global rally is being driven by persistent economic uncertainty, central bank buying, and expectations of looser monetary policy in major economies.

Meanwhile, silver also saw an uptick in prices. The precious metal was priced at Rs4,315 per tola, up Rs12 from the previous session, reflecting broader interest in safe-haven assets.

Rupee holds steady, stocks rally to historic high

Adding to the day’s developments in financial markets, the Pakistani rupee maintained its positive trajectory against the US dollar during Wednesday’s trading session. At 10am, the rupee was trading at 281.47 in the inter-bank market, appreciating by 0.09 percent or 0.25 paisa against the greenback.

At the same time, the Pakistan Stock Exchange (PSX) also posted a strong performance, with the benchmark KSE-100 index climbing 1,829.82 points to hit a record 152,805.3 during intraday trading. Market volumes were robust at over 246 million shares, showing improved investor sentiment.

Another week of record-setting prices

This week has already been remarkable for gold traders in Pakistan. After hitting Rs370,700 per tola on Monday, the price held steady on Tuesday before making another leap on Wednesday. With both global and local markets setting new highs, jewellers and investors are now watching closely to see how long the rally continues.