KEY POINTS
- Gold per tola surged to Rs 419,862 on Wednesday, October 29
- PGJSA reported 10‑gram gold sold at Rs 359,963, up by Rs 3,000
- The rise aligns with international gains, with spot gold trading at $3,975 per ounce
- Analysts note global monetary expectations and easing US‑China trade tensions as key drivers.
ISLAMABAD: Gold prices in Pakistan edged higher on Wednesday, climbing by Rs 3,500 per tola to reach a price level of Rs 419,862, following gains in the international market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), reported to Business Recorder, the 10‑gram variant rose by Rs 3,000 to Rs 359,963
On Tuesday, the local gold market had witnessed a sharp Rs 14,000 drop per tola, reflecting global corrections. APGJSA attributed Wednesday’s rebound to international bullish momentum and positive market sentiment.
Internationally, spot gold rose 0.2% to $3,957.42 per ounce, recovering from the lowest point since October 7, while US gold futures eased slightly to $3,971.20 per ounce for December delivery.
Analysts noted that expectations of an upcoming Federal Reserve interest rate cut and easing trade tensions between the US and China supported the uptick, though overall bullion strength remains cautious.
Meanwhile, silver prices also increased, with the per tola rate rising by Rs 110 to Rs 5,034, the APGJSA reported.
