Gold prices hit record highs in global and local markets

KARACHI: Gold prices surged to an all-time high in both international and local markets, continuing their upward trajectory on Friday.

In the international bullion market, the price of gold rose by $22 per ounce, reaching a historic peak of $3,074. 

According to the All Pakistan Sarafa Jewellers Association, gold prices in Pakistan increased by Rs2,380 per tola, reaching a record Rs323,380.

Similarly, the price of 10 grams of gold rose by Rs2,041, hitting a new high of Rs277,246.

On Thursday, gold prices had increased by Rs3,200 per tola, reaching Rs321,000 whereas the price of 10 grams of gold had surged by Rs2,743, hitting a new peak of Rs275,205.

Similarly, the gold prices in the international bullion market had risen by $31 per ounce, reaching a record high of $3,052. 

On the other hand, the Pakistani rupee (PKR) appreciated by 0.08 per cent against the US dollar (USD) during early trading hours in the inter-bank market on Friday. As of 9:54am, the rupee was trading at Rs280, reflecting a gain of 22 paisa against the greenback.

Meanwhile, the State Bank of Pakistan’s (SBP) foreign exchange reserves fell by $540 million, or 4.84 per cent, during the week ending March 21, 2025, bringing the total to $10.61 billion, according to data released by the central bank.

In a broader trend, the country’s overall reserves also declined, dropping by $464.8 million, or 2.9 per cent, to stand at $15.55 billion. However, reserves held by commercial banks saw an increase of $75.2 million, up by 1.54 per cent, reaching $4.94 billion.

For the current fiscal year, SBP reserves have shown growth, increasing by $1.22 billion, or 12.96 per cent. However, when looking at the calendar year, there has been a decline of $1.1 billion, or 9.42 per cent.

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In another development, the Pakistan Stock Exchange (PSX) has entered into a significant partnership with the Colombo Stock Exchange (CSE) and the Dhaka Stock Exchange (DSE). A Memorandum of Understanding (MoU) was signed in Colombo, aiming to enhance cooperation between the three exchanges.