Gold prices hit record high in Pakistan

KARACHI: Gold prices in Pakistan reached unprecedented levels on Friday, owing to the increasing rates in the international market.

With a sharp increase of Rs2,900, the gold per tola price currently stands at Rs289,600. 

Similarly, 10 grams of gold now cost Rs238,285, marking an increase of Rs2,486.

The surge in the gold prices in Pakistan follows a significant $29 rise per ounce in the international market, bringing gold to its all-time high of $2,772 per ounce globally. 

Earlier, on Thursday, gold prices in the local market surged by Rs4,250, bringing the rate to Rs287,450 per tola.

The price of 10 grammes of gold also witnessed an increase, reaching Rs246,440 after a jump of Rs3,642.

On Tuesday, gold prices had risen by Rs300, settling at Rs283,200 per tola.

Meanwhile, Pakistan’s short-term inflation dropped by 0.77 per cent compared to the previous week but rose by 0.52 per cent compared to the same period last year, according to a report by the Pakistan Bureau of Statistics (PBS) on Friday.

Major price drops were noted for tomatoes (down 32.99 per cent), eggs (down 10.23 per cent), onions (down 9.79 per cent), potatoes (down 7.37 per cent), LPG (down 2.70 per cent), gram pulse (down 1.61 per cent), chicken (down 1.00 per cent), mash pulse (down 0.76 per cent), and gur (down 0.50 per cent).

Gold prices surge to near three-month high in global market

Gold prices soared to near three-month highs on Friday and were on track for a fourth straight weekly gain as uncertainty about US President Donald Trump’s trade plans took the wind out of the dollar’s sail, boosting demand for safe-haven bullion.

Spot gold jumped 0.8 per cent to $2,774.49 per ounce as of 0255 GMT and has gained more than 2 per cent so far this week. Earlier in the day, prices rose to $2,777.10, the highest since Oct. 31, when they hit a record $2,790.15.

US gold futures climbed 0.6 per cent to $2,781.80.

The dollar is down more than 1 per cent on the week, headed for its worst weekly fall in two months, making bullion less expensive for foreign buyers.

“The dollar slipped after Trump spoke against market expectations … This drop comes as he has refrained from implementing aggressive tariffs following his inauguration,” said Jigar Trivedi, senior analyst at Reliance Securities.