Weak Dollar Drives Gold to Record Global Highs
Global gold prices scaled a record peak on Tuesday, with international markets driving the surge seen across Pakistan’s bullion trade.
Spot gold briefly touched $3,689.27 per ounce, supported by a weaker US dollar and expectations that the Federal Reserve will lower interest rates later this week.
As of 0326 GMT, spot gold held steady at $3,681.18 per ounce, while US gold futures for December delivery were flat at $3,718.50.
The rally has pushed international prices up by $49 in a single session. This international momentum was mirrored in Pakistan, where gold prices rose sharply.
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According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), per tola gold jumped by Rs4,700 to a record Rs391,000. Similarly, 10 grams were priced at Rs335,219 after an increase of Rs4,030.
Silver also gained, with local prices reaching Rs4,496 per tola after a rise of Rs53.
Market experts say the current upward trend highlights investors’ preference for safe-haven assets amid global economic uncertainty.
With the US Federal Reserve expected to cut borrowing costs, bullion is likely to remain supported in the near term.
