Key Points
- Gold per tola hits record Rs 377,900 in Pakistan.
- Global spot gold trades near $3,578/oz peak.
- Bullion up 3.2% this week, best run in 3 months.
- Gains driven by Fed rate cut expectations.
KARACHI: Gold prices in Pakistan scaled new highs on Friday, tracking gains in the international market and marking another record-setting session for the yellow metal.
According to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs1,200 to settle at Rs377,900. Ten grams of gold were quoted at Rs 323,988, up Rs 1,029 from the previous day.
The domestic jump followed Thursday’s stable session, when the tola price had closed at Rs376,700.
International trend
Global bullion prices also advanced, with spot gold up 0.3% at $3,556.21 per ounce by 0332 GMT, staying close to Wednesday’s all-time high of $3,578.50. US gold futures for December delivery added 0.2% to $3,615.
According to the APGJSA, the international rate stood at $3,552 per ounce after a $12 increase, inclusive of a $20 premium. Internationally, gold was on track for its strongest weekly performance in three months, gaining 3.2% so far this week.
Market outlook
Analysts said bullion’s momentum was supported by expectations of a U.S. interest rate cut later this month, with investors closely watching upcoming non-farm payrolls data.
Gold is creeping higher today, with traders not willing to try and push the price too much higher until we see the non-farm payrolls print,”Tim Waterer, chief market analyst at KCM Trade, told Reuters.
He added that broader market conditions continue to favour gold, citing prospects of easier U.S. monetary policy, political pressure on the Federal Reserve, and the ongoing Russia-Ukraine conflict.
