Gold prices in Pakistan rose further on Friday after spot gold went up by $12 to $3,552 per ounce in the international bullion market following the greenback slightly losing value.
The price of 24-karat gold per tola jumped by Rs1,200 to Rs377,900, while 10 grams of gold increased by Rs1,029, hitting Rs323,988 — both all-time highs.
Dealers reported that buyers are increasingly hesitant to make large purchases at these elevated levels. Traders noted that while global momentum drove domestic rates higher, physical demand remained cautious at these high prices.
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Traders in the international market wait for the US non-farm payrolls report, which could influence Federal Reserve interest rate decisions.
Recent increase in the price of yellow metal shows three per cent upward trend for the week after hitting a record high on Wednesday.
Analysts said, expectations of a September Fed rate cut and a weaker dollar have strengthened gold’s appeal as a safe-haven asset amid global economic uncertainty.
Meanwhile, silver also headed for its third straight week of gains, reflecting broader strength in precious metals markets.
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