KARACHI: Gold prices witnessed a big jump in Pakistan as the rate of 24 karat per tola gold in Pakistan increased by Rs4250 and was sold at Rs 287,450 on Wednesday, January 22, 2025, against its sale at Rs 283,200 on the previous trading day.
According to the All Sindh Sarafa Jewellers Association, the rate of 10 grams of 24-karat gold also increased by Rs3642 to Rs246,440 from Rs242,798.
Similarly, The rates of per tola silver also increased by Rs59 to Rs3431.
The price of gold in the international market surged to over a two-month high on Tuesday as the U.S. dollar weakened, with the precious metal also supported by buying amid uncertainty surrounding Donald Trump’s trade policies.
The price of gold in the international market also rose to a near three-month high on Wednesday, boosted by uncertainty surrounding U.S. President Trump’s policies and a softer dollar.
Read More: Gold hits over 2-month high as dollar and silver rates decrease
Spot gold added 0.4% to $2,755.19 per ounce as of 1200 GMT. The price hit its highest level in 12 weeks earlier in the session and is close to its record peak of $2,790.15 reached in October.
U.S. gold futures gained 0.3% to $2,766.80. Spot silver fell 0.1% to $30.8201, hovering near a one-month high hit on Jan. 16.
The dollar index dipped to over a three-week low earlier in the session. A weaker dollar makes gold more attractive for holders of other currencies.
“Gold and silver prices have both benefited from the increased uncertainty caused by Trump announcements, including tariffs, with investors also evaluating their inflationary impact and effects on monetary policies,” said Ole Hansen, head of commodity strategy at Saxo Bank.
Gold, a highly valued precious metal, has maintained its significance for centuries and plays a vital role in the global economy.
Its value stems from its scarcity, durability, and widespread appeal. Frequently regarded as a safe-haven asset, gold is employed to preserve wealth during times of economic instability.
Central banks and investors maintain gold reserves to diversify their investment portfolios and protect against inflation and currency value fluctuations.
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