KEY POINTS
- Gold unchanged at record Rs 388,100 per tola
- Previous session saw a sharp Rs 4,100 per tola surge to fresh highs
- International spot gold traded above $3,640, near all-time peaks
- Silver price in Pakistan also unchanged at Rs 4,358 per tola
ISLAMABAD: Gold prices in Pakistan held steady on Wednesday, following fresh records a day earlier, with the yellow metal trading at Rs 388,100 per tola in the local market, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price had jumped by Rs 4,100 on Tuesday to hit the historic level. The 10-gram price was quoted at Rs 332,733, unchanged from the previous session, while silver prices also stood flat at Rs 4,358 per tola.
“After a sharp rally, the market is consolidating at record levels, with international cues remaining the key driver,” APGJSA noted in its daily update.
Internationally, gold hovered above the critical $3,600 level as investors bet on a U.S. Federal Reserve rate cut this month.
Spot gold was up 0.5 per cent at $3,644.54 per ounce by 0652 GMT, after touching an all-time high of $3,673.95 on Tuesday. U.S. gold futures for December delivery were last quoted flat at $3,683.
Analysts said investors are also awaiting key inflation data later this week, which could shape the Fed policy ahead.
“Expectations of monetary easing have kept gold resilient, with every dip finding strong buying interest,” Reuters quoted traders as saying.
Regional and International Glance: Silver prices in the global market were flat at $45.98 per ounce, while platinum eased 0.2 per cent to $1,009.40. Palladium was down 0.4 per cent at $961.11.
