Gold prices in Pakistan soared to an all-time high on Friday, reflecting the ongoing global surge in gold rates. The price per tola of gold jumped by Rs3,000, reaching a record Rs280,900, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10 grams of gold increased by Rs2,572, now standing at Rs240,826.
This latest spike comes after a modest rise on Thursday when gold prices increased by Rs700, bringing the per tola rate to Rs277,900. The upward momentum of gold prices continues to be driven by international factors, with global gold rates experiencing steady increases as demand for safe-haven assets grows amid geopolitical tensions and economic uncertainty.
Silver Prices Follow Suit
In addition to gold, silver prices also saw an increase in Pakistan, climbing by Rs50 to reach Rs3,100 per tola. This rise mirrors the precious metals’ upward trend as both assets are considered stable investments in times of global financial and political unrest.
Global Gold Prices Surpass $2,700 per Ounce
On the international stage, gold prices hit a new milestone, surpassing $2,700 per ounce for the first time. Gold prices rose to $2,712 per ounce, marking a $30 increase within the day. This surge is largely attributed to concerns over the upcoming US elections and escalating conflicts in the Middle East, both of which have led to heightened demand for gold as a reliable investment option.
Gold’s Future Outlook: What to Expect?
Despite a strengthening US dollar and rising Treasury yields, analysts believe the global gold rally is far from over. The market is reacting to geopolitical tensions, particularly in the Middle East, which has triggered a rush towards safe-haven assets like gold. Additionally, traders are keeping a close eye on the US Federal Reserve, as there is a 90% chance of a rate cut in November. Such a move could further boost gold prices, as lower interest rates typically increase the appeal of non-yielding assets like gold.
Gold’s remarkable price surge, both in Pakistan and globally, underscores the precious metal’s status as a stable investment during times of uncertainty. With no signs of the global rally slowing down, Pakistan’s gold market is expected to remain strong, providing both buyers and investors with potential opportunities. As the international geopolitical landscape continues to evolve, gold’s role as a safe-haven asset will likely solidify further, driving prices even higher in the coming weeks.
Afsheen Gohar believes in the power of clear, straightforward writing. Her blog posts tackle everyday topics with relatable insights and easy-to-follow advice. With a conversational style, she makes complex subjects feel understandable. She’s dedicated to sharing knowledge and empowering readers to take action. Find her latest posts on trending in social.
