Gold prices in Pakistan reached a record high of Rs264,000 per tola (11.66 grams), marking a single-day increase of Rs2,300. This surge aligns with global trends where investors are positioning aggressively in anticipation of the upcoming CPI inflation data release.
Internationally, gold advanced $23 per ounce to $2,524, approaching its peak. Market watchers anticipate a slowdown in US inflation and expect challenging unemployment and job creation figures for August. These factors could prompt a significant interest rate reduction by the US Federal Reserve.
Simultaneously, the Pakistani rupee appreciated by Rs0.08 in the inter-bank market, closing at Rs278.54 against the US dollar, maintaining its upward trajectory for a second day. The rupee strengthened by Rs0.10 in the open market, reaching Rs280.85 per dollar. Market analysts note that foreign investment of $27 million in Pakistan’s government debt securities has helped stabilize forex reserves and support the rupee’s value.
