Gold prices continued their ascent to new heights, reaching an all-time high in Pakistan on Tuesday, mirroring the global upward trend. The price of gold per tola surged by Rs2,550, reaching Rs317,350.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold rose by Rs2,186, settling at Rs272,076.
This surge follows Monday's record-breaking increase of Rs1,100 per tola, which pushed gold prices to Rs314,800.
On the global front, the price of gold also witnessed an upward movement, rising by $25 to reach $3,022 per ounce, including a premium of $20.
Adnan Agar, Director of Interactive Commodities, commented on the price movement, stating that gold had touched a high of $3,038 during the day before pulling back slightly. He pointed out that if gold continues to stay above the $3,000 mark, it could test levels between $3,025 and $3,040.
He also attributed the bullish trend in gold prices to geopolitical tensions, including the recent US strike on Yemen and ongoing global economic uncertainty. Given the current market conditions, he suggested that gold remains technically strong, with potential for further upside unless significant resistance levels are broken.
ANZ (Australia and New Zealand Banking Group Limited) raised its zero-to-three-month gold price forecast to $3,100 per ounce and its six-month forecast to $3,200 per ounce, according to a research note on Tuesday.
Gold prices surpassed the significant $3,000 mark on Tuesday for the second time, setting a new high, as investors sought cover from economic concerns fuelled by US President Donald Trump's tariff policies.
Meanwhile, the Pakistani rupee experienced a slight depreciation against the US dollar on Tuesday, slipping by 0.04% in the interbank market.
By the end of the trading session, the rupee closed at 280.27, marking a decline of 10 paisa compared to the previous day's close of 280.17.
On the global front, the US dollar remained near a five-month low against the euro and other major currencies as investors assessed the potential economic fallout from rising global trade tensions.
Moreover, the inflow of remittances under the Roshan Digital Account (RDA) rose to $9.768 billion by the end of February 2025, compared to $9.564 billion at the end of January 2025.
The data showed that remittance inflows during February were recorded at $204 million, compared to $222 million in January and $203 million in December 2024, according to the latest figures released by the State Bank of Pakistan (SBP).
RDA provides banking solutions to Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment, and investment activities in Pakistan.
According to the data, almost 797,350 accounts were registered under the programme by the end of February 2025.
By the end of February, overseas Pakistanis had invested $459 million in Naya Pakistan Certificates, $860 million in Naya Pakistan Islamic Certificates, and $59 million in Roshan Equity Investment.
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