KARACHI: Gold prices in Pakistan recorded a sharp jump on Monday, following major gains in the international market that pushed local rates to new record highs.
According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola surged by Rs. 5,900, reaching Rs. 435,762 in the local bullion market.
Similarly, the price of 10 grams of gold climbed by Rs. 5,065 to settle at Rs. 373,595.
💰 Massive Global Rally Drives Local Prices Up
Earlier, gold had already seen a significant jump during the day, rising by Rs. 7,400 per tola to hit Rs. 429,862.
In the international market, gold continued its upward trend with the global rate recorded at $4,134 per ounce (including a $20 premium), marking a $59 increase.
Analysts attribute the rally to expectations of another US Federal Reserve rate cut in December and optimism over the possible end of the US government shutdown, which boosted investor demand for safe-haven assets.
🪙 Silver Prices Also Rise
Silver prices in Pakistan followed suit, increasing by Rs. 144 per tola to reach Rs. 5,353.
Globally, spot gold climbed 0.7% to $4,142.83 per ounce, its highest since October 24, while US gold futures for December delivery were up 0.7% to $4,148.50.
🔹 Key Takeaways
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💰 Gold price per tola: Rs. 435,762
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📈 Increase: Rs. 5,900 per tola
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🌍 International gold price: $4,134 per ounce
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🪙 Silver price per tola: Rs. 5,353
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💵 Boosted by expectations of a Fed rate cut and global economic uncertainty
