Gold price in Pakistan inches closer to all-time high

April 03, 2024 (MLN): Domestic gold is rapidly approaching its all-time high level as the price of 24-karat gold has surged to Rs238,900, up by Rs1,800 per tola on the day.

The all-time high price level of 24-K gold is Rs240,000 reached back in June 2023, this means that currently, local gold is just Rs1,100 shy of touching that level again.

It is crucial to note that the yellow metal gained a substantial Rs19,100 in March in line with the surge in international gold prices.

The Karachi Sarafa Association reported that the price of 24-karat gold reached Rs204,818 per 10-gram, up Rs1,543 compared to previous session.

Similarly, the price of 22-karat gold was quoted higher at Rs187,750 per 10-gram.

International rates continue to rise amidst Middle East tensions and strengthened hopes for a rate cut soon by the U.S. Fed.

Spot gold closed yesterday's trading session reaching a new all-time high of $2,2280.82.

"We're seeing some safe-haven demand flowing into gold, which relates to the Israeli strikes on Iran's embassy in Syria," said Daniel Ghali, commodity strategist at TD Securities, as Reuters reported.

The latest leg up in gold prices is probably also associated with short covering from family offices and proprietary trading shops, Ghali added.

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