Gold prices continue to climb in Pakistan

KARACHI: Gold rates maintained their record run in Pakistan on Monday, February 17, 2025.

The 24 karat per tola gold rates increased by Rs1700 and was sold at Rs30,3200 against its sale at Rs301,500 on previous trading day, All Sindh Sarafa Jewellers Association reported.

The price of 10 grams of 24 karat gold also increased by Rs1,458 to Rs259,945 from Rs258,487.

The price of gold in the international market increased by $17 to $2,900 from $2,883, supported by a weaker dollar and fears of an impending trade war as U.S. President Donald Trump threatened reciprocal tariffs.

Spot gold was up 0.6% at $2,900.44 as of 1134 GMT after hitting a record high of $2,942.70 last week. U.S. gold futures gained 0.4% to $2,912.10.

The U.S. dollar hovered near a two-month low, making bullion less expensive for buyers holding other currencies.

On Friday Trump kept alive his drumbeat of tariff threats, saying levies on automobiles would be coming as soon as April 2. It was the latest in a litany of trade actions he has unveiled since taking office for the second time.

Bullion is viewed as a traditional hedge against inflation and geopolitical uncertainties, but higher interest rates dull non-yielding bullion’s appeal.

Some Federal Reserve officials are set to speak later in the day, and market participants will be on the watch for any clues on the path for U.S. interest rates. The U.S. market is closed for the President’s Day holiday.

Spot silver rose 1% to $32.50 an ounce after hitting its highest level since October 31 on Friday. Platinum gained 0.4% to $983.20, and palladium climbed 2% to $980.50.

“Gold is still benefiting from investors looking for safe-haven assets amid concerns of a tariffs and trade war,” UBS analyst Giovanni Staunovo said.

“We continue to see upside for gold, with the yellow metal expected to rise to $3,000, benefiting also from ongoing central bank demand.”