Gold Prices Rise Amid Economic Uncertainty

Gold prices have seen a notable increase both in Pakistan and internationally, with 24-karat gold in Pakistan trading at Rs256,500 per tola, reflecting a rise of Rs1,000. Internationally, gold prices surged to around $2,416 per ounce, driven by expectations of potential U.S. interest rate cuts and ongoing geopolitical tensions in the Middle East. This upward trend is supported by a decrease in U.S. jobless claims, which has eased recession fears and bolstered demand for safe-haven assets like gold. Additionally, the recent rise in gold prices has positively impacted the Bangko Sentral ng Pilipinas, contributing to a rise in the country's gross international reserves. Analysts cite market dynamics and geopolitical risks as key factors influencing this rally in gold prices. In Pakistan, silver prices remained stable, contrasting with the volatility observed in gold.