Gold prices continue recording highs; rupee gains 5 paisa

Gold prices in Pakistan continued their upward trend, aligning with rising international rates. On Tuesday, the price of gold per tola rose by Rs100, maintaining a record high of Rs303,100 in the local market. Similarly, the price of 10 grams of gold increased by Rs86, reaching Rs259,859, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This increase followed Monday's sharp surge of Rs4,000 per tola, setting a then-record high of Rs303,000. Internationally, gold prices also climbed, with APGJSA reporting a rate of $2,904 per ounce (including a $20 premium), marking a $1 increase during the day. Adnan Agar, Director of Interactive Commodities, mentioned the market saw a correction of $40 to $50 after its recent highs. He noted that while rapid price increases often lead to corrections, this one appeared short-lived. Agar pointed out that if gold prices correct to $2,868 and rebound, new highs could follow. However, if prices remain above $2,910, the market is likely to continue its upward momentum. A drop below $2,900 could lead to further corrections.