Gold prices continue recording highs; rupee gains 5 paisa
KARACHI:
Gold prices in Pakistan continued their upward trend, aligning with rising international rates. On Tuesday, the price of gold per tola rose by Rs100, maintaining a record high of Rs303,100 in the local market. Similarly, the price of 10 grams of gold increased by Rs86, reaching Rs259,859, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
This increase followed Monday's sharp surge of Rs4,000 per tola, setting a then-record high of Rs303,000. Internationally, gold prices also climbed, with APGJSA reporting a rate of $2,904 per ounce (including a $20 premium), marking a $1 increase during the day.
Adnan Agar, Director of Interactive Commodities, mentioned the market saw a correction of $40 to $50 after its recent highs. He noted that while rapid price increases often lead to corrections, this one appeared short-lived. Agar pointed out that if gold prices correct to $2,868 and rebound, new highs could follow. However, if prices remain above $2,910, the market is likely to continue its upward momentum. A drop below $2,900 could lead to further corrections.
Agar linked the rally in gold prices to inflation concerns and geopolitical developments in the Middle East. He warned that if prices climb unchecked, a sharp decline may follow. The upcoming US economic data will play a key role in determining the next movement in gold prices.
Meanwhile, the Pakistani rupee strengthened slightly against the US dollar, closing at 279.17 in the interbank market, gaining 5 paisa, as reported by the State Bank of Pakistan.
On the global front, the US dollar gained strength after US President Donald Trump announced significant tariff increases on steel and aluminium imports. He said reciprocal tariffs on other countries were to be announced in the coming days.
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