Gold extends rally, jumps Rs6,100/tola

Express Tribune

06-05-2025

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Gold prices in Pakistan extended the sharp upward trend on Tuesday, mirroring a global rally driven by renewed buying from China and market concerns over possible US tariffs on pharmaceutical imports, while investors await direction from the US Federal Reserve's upcoming policy decision.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola increased by Rs6,100, reaching Rs356,100 in the local market. Similarly, the price for 10 grams rose by Rs5,232 to Rs305,300. This follows a gain of Rs7,800 per tola on Monday, when prices had climbed to Rs350,000.
Adnan Agar, Director at Interactive Commodities, noted that gold is on an upward technical trend. "Gold recently peaked at $3,397 and is currently trading around $3,394 after opening at approximately $3,333. If it breaks the $3,421 level, the next target could be the $3,440s, and potentially retest its previous high of $3,500," he said.
Agar added that the rally is not tied to new developments but appears to be a technical correction after a recent dip, supported by consistent global buying sentiment. "A strong US stock market had initially weighed on gold, but the recent market reversal has given gold some lift," he explained, adding that any new geopolitical or trade developments — particularly involving China — could influence the current trajectory. Globally, gold prices rose to a two-week high on Tuesday, supported by post-holiday buying from China and concerns over potential US tariffs on pharmaceutical imports, according to Reuters.
Meanwhile, the Pakistani rupee edged slightly lower against the US dollar on Tuesday, slipping by 0.05% in the inter-bank market. At close, the rupee stood at 281.37 against the greenback, marking a decline of 15 paisas from Monday's closing rate of 281.22.