Gold prices in Pakistan hit an all-time high on Thursday, surging by Rs3,100 per tola to reach Rs291,800, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The price initially rose by Rs1,600 to Rs290,300 before climbing further. This increase followed a Rs2,300 jump on Wednesday.
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Internationally, gold prices also surged, rising by $15 to $2,778 per ounce before reaching $2,792. Experts say gold remains on an upward trend, with a strong support level at $2,730. However, some analysts warn prices could face resistance around $2,800–$2,810, leading to a potential short-term correction.
Market trends will depend on upcoming US inflation data and the weakening dollar, which has supported gold’s rise. Investors continue to turn to gold as a safe haven amid global economic uncertainty, with some experts predicting it could reach $3,000 by the end of the year.
Meanwhile, Pakistan’s economy remains under pressure. The State Bank of Pakistan (SBP) reported a $76 million drop in foreign exchange reserves, now standing at $11.37 billion. The rupee also weakened slightly, closing at 278.97 per dollar after losing four paisa.
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