KEY POINTS
- Gold price rises Rs3,500 to Rs 410,278 per tola in local market
- 10-gram gold settles at Rs351,747, up Rs3,001, APGJSA says
- International bullion climbs $35 to $3,890 per ounce with premium
- Silver gains Rs50 per tola to Rs4,826 amid strong demand
ISLAMABAD: Gold prices in Pakistan surged to yet another record on Wednesday, mirroring a rally in international bullion as investors rushed to safe-haven assets following renewed global uncertainty.
According to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the local price of gold per tola increased by Rs 3,500 to reach Rs 410,278, while the rate for 10 grams rose by Rs 3,001 to Rs 351,747.
On Tuesday, the per-tola price had settled at Rs 406,778 after a single-day gain of Rs 3,178. Silver also joined the upward trend, advancing Rs 50 per tola to Rs 4,826.
International market drives rally
The association reported that international gold rates climbed $35 during the day to $3,890 per ounce, including a $20 premium, amid sustained investor demand.
Globally, spot gold was up 0.1 per cent at $3,861.99 per ounce by 0359 GMT after touching an all-time high of $3,875.32.
US gold futures for December delivery added 0.7 per cent to $3,901.40, data shared by Reuters showed.
Analysts told Business Recorder that the bullish trend was underpinned by expectations of US Federal Reserve rate cuts and heightened safe-haven buying following the official start of the US government shutdown and weaker labour market data.
Outlook
Jewellers in Karachi said domestic gold prices are likely to remain sensitive to global movements, with volatility expected in the near term as both currency stability and global macroeconomic signals continue to influence sentiment.
