Gold hits record high in Pakistan amid global speculation

Gold prices in Pakistan reached a new all-time high of Rs254,000 per tola (11.66 grams) on Thursday, driven by international investors taking heavy positions in anticipation of the US central bank cutting interest rates in September 2024. The bullion surged by Rs4,600 per tola, setting a new record after the commodity spiked by $60 per ounce (31.10 grams) to $2,470 in the global market, according to the All Pakistan Sarafa Gems and Jewellers Association. Despite the notable hike, gold remained underpriced by Rs4,000 per tola in Pakistan compared to the Dubai market. The previous all-time high was Rs252,200 per tola in May 2024. Adnan Agar, Director at Interactive Commodities, explained to The Express Tribune that the new high in Pakistan followed a record high of $2,483 per ounce in world markets on Wednesday morning. He anticipated that “the bullion may test a new high of over $2,500 per ounce in the next couple of days, as global investors are showing a strong appetite for gold. The international gold market is exhibiting a strong uptrend these days.”