Gold prices in Pakistan reached a new all-time high on Monday, following an increase in international rates. The price of gold per tola in the local market jumped to Rs309,500, rising by Rs1,500 in a single day. Similarly, the price of 10-gram gold increased by Rs1,286, reaching Rs265,346, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
This surge comes after a Rs1,000 increase on Saturday, when the price of gold per tola settled at Rs308,000.
Global Gold Prices and Market Trends
Internationally, gold prices have been fluctuating. On Monday, gold prices initially climbed but later dropped as traders sold their holdings to secure profits. Despite this temporary dip, experts believe gold could rise again due to ongoing economic uncertainties.
According to APGJSA, the global price of gold increased by $12 per ounce, reaching $2,948 per ounce (including a $20 premium).
Tim Waterer, chief market analyst at KCM Trade, explained that while the market remains uncertain, many investors are taking profits after recent record highs. However, he noted that trade tensions and global economic concerns could push gold prices higher in the coming days.
Adding to these concerns, former US President Donald Trump announced plans for new tariffs on imported cars, semiconductors, pharmaceuticals, lumber, and forest products. These trade restrictions may further impact global markets and drive demand for gold as a safe investment.
Silver Prices Also Increase
Alongside gold, silver prices in Pakistan also rose. The price of silver per tola increased by Rs15, reaching Rs3,395.
With global uncertainties and economic challenges continuing, analysts predict that gold and silver prices may remain high in the near future. Investors and traders will be closely watching upcoming economic reports, particularly the US inflation data, which could further influence gold prices worldwide.
