Gold prices hit an all-time high on August 16, 2024, propelled by a weaker US dollar and expectations of a potential interest-rate cut by the Federal Reserve.

The metal’s appeal was further amplified by ongoing geopolitical tensions, particularly in the Middle East, which heightened demand for safe-haven assets.

Spot gold increased by 1.7% to $2,498.72 per ounce and briefly touched a peak of $2,500.99. U.S. gold futures also rose significantly, settling 1.8% higher at $2,537.80. Gold prices gained 2.8% over the week.

In Pakistan, gold prices mirrored the global surge. On August 17, 2024, the rate for 24k gold reached Rs 258,650 per tola and Rs 221,755 per 10 grams.

The Karachi Sarafa Bazar Association reported similar increases in the price of 22k gold, which stood at Rs 237,087 per tola and Rs 203,274 per 10 grams.

In the international market the price surge was attributed to a 0.4%, drop in the dollar index, making gold more attractive to international buyers.

Independent metals trader Tai Wong highlighted that gold’s surge past $2,500 followed two weeks of volatile trading. Attention now turns to the Jackson Hole symposium, where Federal Reserve Chair Jerome Powell is anticipated to address potential rate cuts.