Karachi, April 22, 2025: Gold prices soared to new record highs on Tuesday, fueled by escalating US-China tensions and weakening global currencies. In Pakistan, gold rose by Rs8,100 per tola, reaching an all-time high of Rs357,800, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Internationally, gold surged to $3,424.25 per ounce, gaining over 2.6% in a single session, while US gold futures climbed to $3,426.30. The dollar weakened globally amid investor concerns over President Trump’s remarks about the Federal Reserve, making gold more attractive as a safe-haven asset.
APGJSA President Muhammad Qasim Shikarpuri attributed the spike to “intensifying economic tensions” between the US and China, warning of a potential global financial crisis if hostilities persist.
“If gold hits Rs450,000 per tola as projected this month, managing Pakistan’s exchange rate could become extremely challenging,” he said.
Domestically, a supply crunch is adding pressure, with high investor demand but few sellers in the market. Shikarpuri advised investors to hold their gold, predicting continued upward momentum unless major geopolitical shifts occur.
Meanwhile, the Pakistani rupee slipped slightly against the US dollar, closing at 280.87 in the inter-bank market, down 15 paisas from Friday’s rate.
