Gold Prices Hit Historic High, Surpassing Rs280,000
Gold prices have hit a historic high, surpassing the Rs280,000/tola (11.66 grams) mark for the first time. This milestone reflects a global upward trend in gold prices, as the precious metal continues its record-breaking surge for the third consecutive working day on Friday.
Sharp Increase in Gold Prices
On Friday, the price of gold rose sharply by Rs3,000/tola, bringing the cumulative increase to Rs5,900 over the past three days. This latest rise has pushed the price of gold in the domestic market to a new record high of Rs280,900/tola.
Pakistani Rupee Gains Against US Dollar
While gold prices soared, the Pakistani rupee appreciated by Rs0.18, reaching Rs277.61 against the US dollar in the interbank market. This marks the second successive day of gains for the rupee, driven by an improved supply of foreign currency in the local economy.
Global Influence on Gold Prices
The All Pakistan Sarafa Gems and Jewellers Association reported that the ongoing rise in domestic gold prices aligns with global trends. On the international stage, bullion surged by $30/ounce (31.10 grams), reaching a new all-time high of $2,712 in the Asian markets on Friday.
Factors Behind the Gold Sur
The sustained rise in prices is largely attributed to escalating geopolitical tensions in the Middle East and Europe. Additionally, uncertainty surrounding the upcoming US presidential election in November is contributing to the surge. Global monetary easing, with central banks cutting interest rates, has also prompted international investors to turn to gold as a safe haven.
Gold’s Impressive Growth Over the Past Year
Over the past year, the price of gold has surged by $900/ounce, rising from around $1,800/ounce before Israel’s aggression against Palestinians in October 2023. The ongoing conflict between Russia and Ukraine in Europe further adds to the global uncertainty driving gold’s rapid ascent.
