Historic surge in gold prices observed in Pakistan, reaching unprecedented levels
Gold prices scaled fresh peaks on Tuesday, both internationally and in Pakistan. The international gold rate surged to $3,654 per ounce, marking a gain of $41, while in Pakistan, the gold price per tola reached an unprecedented Rs388,100, representing an increase of Rs4,100.
The surge in gold prices was influenced by a combination of factors. The weaker dollar and a dip in bond yields played significant roles in the rise, as did growing bets for a Federal Reserve rate cut this month. The weaker dollar, in particular, contributed to the increase, as it makes commodities like gold less expensive for buyers using other currencies.
The demand for the precious metal also increased due to these factors, driving up prices both in Pakistan and internationally. In the USA, the current gold price per ounce is approximately $3,680, with recent trading between $3,670 and $3,710. Spot gold gained 0.5% to $3,651.96 per ounce on Tuesday.
In Pakistan, the gold price has been on a record-breaking rally. The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) shared the gold rates for the day, with 10-gram gold sold at Rs332,733, representing an increase of Rs3,514. This marked a new record high for 10-gram gold in Pakistan as well.
The gold price per tola in Pakistan also reached a record high on Tuesday, according to the APGJSA. The international gold rate on Tuesday had a premium of $20. Despite the record highs, no new fact about the record high of gold price in Pakistan was mentioned in this paragraph. The gold price in Pakistan has been influenced by global market trends and investor demand.
In conclusion, gold prices reached new heights on Tuesday, both internationally and in Pakistan. The surge was driven by a combination of factors, including the weaker dollar, a dip in bond yields, and growing bets for a Federal Reserve rate cut this month. The demand for the precious metal also increased, driving up prices both in Pakistan and internationally. In Pakistan, the gold price has been on a record-breaking rally, with both the gold price per tola and 10-gram gold reaching new highs.
