Gold prices in Pakistan reached a record high on Friday, crossing the major threshold of $3,000 in the international market. In the local market, the price of gold per tola surged by Rs4,700 in a single day, reaching Rs314,000.
As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold also increased by Rs4,030, settling at Rs269,204.
A day earlier, gold prices had already risen by Rs2,800 per tola.
“Gold has officially surpassed the significant milestone of $3,000 per ounce, marking a new all-time high,” stated Adnan Agar, Director of Interactive Commodities.
The global gold market continued its historic rally on Friday, with spot gold rising 0.1% to $2,991.00 an ounce at 1342 GMT, after touching a peak of $3,004.86. Meanwhile, US gold futures gained 0.4%, trading at $3,002.30.
JS Global reported that this rise was fueled by concerns over US tariffs, trade tensions, and expectations of monetary policy easing by the Federal Reserve.
“At present, a global trade war is underway, fuelling prices to jump to new highs,” said Mohammad Qasim Shikarpuri, President of APGJSA.
He added that conflicts like the Russia-Ukraine war and the ongoing crisis in Gaza remain unresolved despite ongoing ceasefire efforts.
He further noted that increased gold purchases in the US, following statements by President Trump regarding gold reserves, have pushed prices higher worldwide, including in Pakistan.
“Currently, gold is at an all-time peak in both global and domestic markets,” he said. “Given the ongoing geopolitical tensions and economic uncertainty, the trend suggests that gold prices may continue to rise.”
“Looking ahead, the situation does not appear to be improving, and further increases in gold prices seem likely,” the APGJSA president added.
Gold, widely considered a safe investment during inflation or economic turmoil, has surged over 14% this year, partly due to concerns over US trade policies and a recent downturn in stock markets.
Financial markets remain unsettled by the intensifying global trade war, with President Trump on Thursday threatening to impose a 200% tariff on alcohol imports from Europe.
“The market remains highly active and volatile, with strong bullish momentum,” remarked Adnan Agar, Director of Gold Commodities Limited.
“Given the current trends and global economic conditions, it is expected that gold prices may continue their upward trajectory, potentially reaching around $3,025 to $3,040 per ounce.”
However, he cautioned that a brief pullback might occur once these levels are reached, as some investors will likely cash in on their gains before the next movement in prices.
“Amid escalating geopolitical tensions, rising trade tariffs, and growing financial market uncertainty, investors are increasingly seeking stability and they are finding it in gold,” said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.
“For now, strong physical demand and safe-haven buying suggest that gold’s upward momentum is not yet exhausted,” he added.
Gold’s performance this year has been supported by increased central bank purchases, robust investment demand, and expectations of monetary policy easing by the US Federal Reserve.
The Fed is expected to maintain its benchmark interest rate at its upcoming meeting on Wednesday.
“Overall, we maintain our $3,300 call for the year,” said Ole Hansen, Head of Commodity Strategy at Saxo Bank, adding that a close above $3,000 on Friday could signal a continuation of the rally next week. ANZ analysts predicted gold could reach $3,050 by 2025.
Meanwhile, silver inched up by 0.2% to $33.87 an ounce, platinum fell 0.7% to $987.30, and palladium rose 0.6% to $963.78.
On the currency front, the Pakistani rupee saw a slight decline against the US dollar, depreciating by 0.06% in the inter-bank market on Friday.
By the close of trading, the rupee stood at 280.21 against the dollar, marking a drop of 16 paisa from the previous day’s close of 280.05.
Globally, the US dollar remained strong, while the euro retreated from its five-month high.