Gold rates reach all time high in Pakistan

Gold prices, Gold rates in Pakistan, gold rates today, February 7Gold prices, Gold rates in Pakistan, gold rates today, February 7

KARACHI: Gold rates in Pakistan have hit a record high as the price of per tola reached to 2,90,300 on Thursday, ARY News reported.

The rate of 24 karat per tola gold increased by Rs1600 and was sold at Rs2,90,300, All Sindh Sarafa Jewellers Association reported.

The price of 10 grams of 24 karat gold also increased by Rs1,372 to Rs 2,48,885. Silver rates also increased by Rs59 to Rs3,450 per tola.

However, in the international market, Safe-haven gold prices rose on Thursday as investors worried about potential import tariffs from U.S. President Donald Trump, while investors awaited a key inflation report to gauge the Federal Reserve’s policy path.

Spot gold was up 0.7% at $2,776.79 per ounce, as of 1020 GMT. U.S. gold futures climbed 0.8% to $2,791.70.

“Despite the fact that tariffs on gold in the States are extremely unlikely given that it is a reserve asset, risk managers are taking no chances and moving metal into the States,” said StoneX analyst Rhona O’Connell.

“The element that is most affected by this is the exchange of futures for physical (EFP), but it is undoubtedly contributing to support in spot.”

London bullion market players are racing to borrow gold from central banks, which store bullion in London, following a surge in gold deliveries to the U.S., two sources familiar with the matter said.

Even though Trump did not mention gold in his tariff plans, traders were worried about possible risks, leading to more gold being sent to New York.

Read More: Gold rates in Saudi Arabia – January 30, 2025

Spot silver was up 0.8% at $31.05 per ounce. Silver, meanwhile, is seeing renewed strength relative to gold after the gold-silver ratio once again got rejected above 91, said Ole Hansen, head of commodity strategy at Saxo Bank.

“Market is pricing in a higher risk of silver import tariffs compared to gold.”
Platinum added 1.1% to $956.79, and palladium gained 1.8% to $979.45.

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