On August 16, 2024, Gold Prices surged to an all-time high, driven by a weaker US dollar and anticipation of a possible interest rate cut by the Federal Reserve. Geopolitical tensions, particularly in the Middle East, also increased demand for gold as a safe-haven asset.
Spot gold rose by 1.7% to $2,498.72 per ounce, briefly hitting $2,500.99, while U.S. gold futures climbed 1.8% to $2,537.80. Gold prices increased by 2.8% over the week.
Read more: Gold Prices in Pakistan have Risen Slightly
In Pakistan, gold prices reflected this global trend, with 24k gold priced at Rs 258,650 per tola and Rs 221,755 per 10 grams as of August 17, 2024. The Karachi Sarafa Bazar Association reported similar gains for 22k gold, which was at Rs 237,087 per tola and Rs 203,274 per 10 grams.
The international price rise was partly due to a 0.4% drop in the dollar index, making gold more appealing to global buyers.
Independent metals trader Tai Wong noted that gold’s climb past $2,500 followed two weeks of market volatility, with the focus now shifting to the upcoming Jackson Hole symposium where Federal Reserve Chair Jerome Powell is expected to discuss potential rate cuts.
