Gold prices continued their upward trend on Tuesday, following an increase in international rates. In the local market, the price of gold per tola surged Rs4,800 and reached Rs306,300.
Similarly, the price of 10-gram gold rose Rs4,115 to Rs262,602, according to the rates provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). On Monday, gold prices had gone up Rs1,500 per tola. Internationally, the bullion also saw an uptick on Tuesday. According to APSGJA, the global market reached $2,916 per ounce (including a $20 premium), marking a $47 increase.
Interactive Commodities Director Adnan Agar provided insights into market trends, noting that gold performed well throughout the day, hitting a high of $2,828 before settling around $2,801.
He explained that economic tensions, including the US tariffs on China, Europe, Canada and Mexico, contributed to the rising gold prices. Additionally, geopolitical concerns, such as the US halting military aid to Ukraine, also fueled the demand for gold as a safe-haven asset.
However, Agar cautioned that while there was an upside potential, it remained limited, with possible downward corrections. The market's closing will be a key indicator of future price movements. If prices decline, the market may gradually return to the $2,770-2,780 range.
Meanwhile, the Pakistani rupee saw a slight decline against the US dollar, depreciating 0.04% in the inter-bank market. By the close of trading, the rupee stood at 279.77, marking a loss of 10 paisa against the dollar.
In the previous week, the local currency had weakened 10 paisa in the inter-bank market. According to the State Bank of Pakistan, the rupee ended the week at 279.67 compared to 279.57 in the prior week.
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