KARACHI:
Gold prices in Pakistan extended their hiking streak on Friday, mirroring the surge in the international market where bullion rallied to fresh highs. The global price of gold climbed close to the $3,600 per ounce mark after weak US jobs data boosted expectations of a Federal Reserve rate cut, providing further momentum to the metal’s safe-haven appeal.
In the local market, gold prices jumped by Rs1,200 per tola, taking the new all-time high to Rs377,900. Similarly, the price of 10-gram gold rose by Rs1,029 to settle at Rs323,988, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This comes after Thursday’s session, when gold prices held steady at Rs376,700 per tola.
Spot gold was up 1.4% at $3,596.49 per ounce, as of 1402 GMT, having hit a record $3,596.76 earlier. The metal is now on track for its strongest weekly gain in nearly four months, according to Reuters. US gold futures for December delivery rose 1.3% to $3,653.30.
“The international rally remains robust,” noted Adnan Agar, Director at Interactive Commodities. Gold’s low for today was $3,540, and its high reached $3,597. The data that came into the market strongly supported gold, which is why prices pushed higher. On Monday,
there’s a strong chance of further upside, he said.
However, Agar cautioned that the sharp upward run without any significant pullback also raises the likelihood of a correction. “At the very least, we may see a $70 to $100 adjustment in the coming days before the rally resumes.” Internationally, people are targeting $3,700, but targets keep getting revised as gold continues to defy expectations, he explained.
Meanwhile, the Pakistani rupee extended its upward trend against the US dollar on Friday, recording a modest appreciation of 0.01% in the inter-bank market.
By the day’s close, the currency stood at 281.65, strengthening by two paisa compared to the previous session. This marked the rupee’s 21st straight session of gains against the greenback.
A day earlier, the local unit had closed at 281.67.
“At the end of the trading session, PKR appreciated by 0.01% DoD against the greenback to settle at 281.65, whereas it has depreciated by 1.10% CYTD and appreciated by 0.75% FYTD,” commented Ismail Iqbal Securities.
The State Bank of Pakistan (SBP) raised Rs654.28 billion through an auction of Pakistan Investment Bonds (PIBs) held on September 5, 2025. The auction saw strong demand across tenors, with the highest amount of Rs280 billion accepted for the 15-year bond at a cut-off yield of 12.38%. Significant amounts were also raised in the 10-year (Rs207.86 billion at 12.04%), 5-year (Rs114.99 billion at 11.44%), 2-year (Rs43.29 billion at 11.20%), and 3-year (Rs8.15 billion at 11.14%) tenors.
In a separate move to manage liquidity, the SBP injected funds into the banking system through two types of Open Market Operations (OMOs). A Shariah-compliant Mudarabah-based OMO injected Rs153.30 billion at rates between 11.13% and 11.14% for 7-day and 14-day tenors. Simultaneously, a conventional Reverse Repo (Injection) operation added Rs113.30 billion at slightly lower rates of 11.01% for 14-day and 11.06% for 7-day tenors.