Gold extends winning streak, hits new peak

Gold prices in Pakistan continued their upward momentum, touching new highs on Thursday, while mirroring the rise in international markets. In the local market, the price of gold per tola rose Rs1,000 to an all-time high of Rs309,000, while 10-gram gold rose Rs857 to settle at Rs264,917, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The increase follows a Rs3,800 jump per tola on Wednesday, which had already pushed prices to a record high. On the global front, the gold rate also saw an uptick, rising $9 to $2,953 per ounce, including a $20 premium, as per the APSGJA. Analysts point to several factors that are fueling this trend. A weaker US dollar, influenced by the increasing use of alternative currencies like the Chinese yuan in oil trade and the ongoing US-led trade tensions, has enhanced gold's appeal as a hedge against currency depreciation.