ISLAMABAD
\nGold prices in the local market surged to an all-time high of Rs241,500 per tola on Friday due to the rupee\u2019s consistent depreciation and an uptick in global prices.
\nAccording to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of one tola of 24-karat gold increased to Rs241,500 from Rs239,800, showing a rise of Rs1,700. Similarly, the gold price for 10 grams of 24-karat surged to Rs207,050 from Rs205,590, depicting a rise of Rs1,460. Similarly, the 22-karat gold rates for 10 grams went up to Rs189,794 from Rs188,457 with an increase of Rs1,337 while a single tola of 22-karat gold was being sold at Rs 221,373.
\nMarket analysts attributed the surge in gold prices to the ongoing depreciation of rupee against the US dollar. As traditional investment options display uncertainty, investors are turning to gold as a safe haven to safeguard their wealth.
\nThis heightened demand for the yellow metal has acted as a catalyst for the price escalation.
\nThe exchange rate and international market prices play a direct and influential role in shaping the prices of precious metals like gold in Pakistan. The Pakistani rupee\u2019s depreciation against the US dollar kept the gold price high in the country. The rupee depreciated by Rs4.47 during this week.
\nThe price of gold has also increased, as political uncertainty surrounding the general election is causing turbulence in local markets. This rise in local prices indicates a trend of increased demand for gold among local investors.
\nOn the other hand, as of 1305 hours GMT, gold futures in the international market were available at $1,946.40 per ounce, showing an increase of $6.80 (+0.35 percent). Out of the $6.80 increase, +$2.05 was due to weakening of the US dollar and +$4.75 was due to predominant buyers, according to the Kitco Gold Index.
\nEarlier in the day, gold price rose to its strongest level in a month above $1,950. The benchmark 10-year US Treasury bond yield turned negative on the day below 4.1 percent after the US jobs report, which showed that the unemployment rate rose to 3.8 percent, and provided a boost to gold price.
\nGold price remained calm before the US Nonfarm Payrolls (NFP) and ISM Manufacturing PMI data for August, which will set an undertone for the Federal Reserve\u2019s (Fed) interest-rate decision to be taken on September 20. Fed Chair Jerome Powell at the Jackson Hole Symposium that further policy action will depend on incoming data and cited that inflation has become more responsive to the job market.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Gold prices in the local market surged to an all-time high of Rs241,500 per tola on Friday due to the rupee\u2019s consistent depreciation and an uptick in global prices. According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of one tola of 24-karat gold increased to Rs241,500 from Rs239,800, showing a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-353183","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n