ISLAMABAD: Gold rates in Pakistan continued their record run on Thursday (February 13, 2025) following the pattern of world gold prices.
The prices for 24 karat per tola increased by Rs2500, reaching Rs304,100, up from Rs301,600 the previous trading day, as reported by the All Sindh Sarafa Jewellers Association.
Similarly, the price of 10 grams of 24 karat gold rose by Rs2,144 to Rs260,631 compared to Rs258,487 previously.
Meanwhile in the international market, Gold rose supported by a weaker U.S. dollar and growing worries over U.S. President Donald Trump’s tariff plans, which could heighten global trade tensions, while investors eyed another set of inflation data.
Spot gold added 0.5% to $2,917 per ounce as of 1158 GMT, moving back towards its record peak of $2,942.70 hit. U.S. gold futures firmed 0.6% to $2,944.80.
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On Wednesday, gold prices fell more than 1% after stronger-than-expected U.S. consumer price index for January, but rebounded later as ongoing trade war uncertainties kept the safe-haven metal’s demand intact.
Trump announced plans to impose reciprocal tariffs on countries that levy duties on U.S. imports, expected Wednesday or Thursday.
“Trump is unpredictable and, as long as uncertainty remains in the market, gold will continue to receive support,” said Ajay Kedia, director at Kedia Commodities, Mumbai.
“Overall, the dollar index is currently under pressure, which has been supportive for gold.”
The dollar index fell 0.2%, making greenback-priced gold less expensive for foreign buyers.
Investors are now focussed on the U.S. Producer Price Index (PPI) data due at 1330 GMT, followed by Friday’s retail sales report, for further economic clues.
Meanwhile, Federal Reserve Chair Jerome Powell, at his second congressional hearing this week, reiterated that the central bank was in no rush to cut interest rates.
“Market is convinced that there is very limited room for the Fed to ease; Fed funds futures trimmed rate cut expectation to 29bps for this year, with the chance of a 25bp cut priced at 78% by September and at 94% by October,” OCBC analysts said.
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