Gold prices hit record high in Pakistan amid global surge

Gold prices in Pakistan soared to an all-time high as the per tola rate jumped by Rs4,800, reaching Rs306,300 in the local bullion market. The price of 10 grams of gold also surged by Rs4,115 to Rs262,602, driven by a sharp $47 increase in international gold rates, which now stand at $2,916 per ounce.

This surge follows a Rs1,500 increase on Monday, bringing the total two-day rise to Rs6,300 per tola. Market analysts attribute the rapid increase to global price volatility, impacting local prices significantly. However, experts anticipate a potential dip on Wednesday, aligning with a minor pullback in international markets as investors brace for U.S. tariffs under President Trump’s trade policies.

Meanwhile, the global gold market saw a slight decline on Tuesday, with spot gold slipping 0.3% to $2,885.40 per ounce. Financial analysts suggest this could be a temporary correction before prices resume their upward trajectory. JPMorgan maintains a long-term bullish outlook, forecasting gold to approach $3,000 per ounce.