KEY POINTS
- Gold price climbs Rs 1,300 to Rs423,862 per tola (APGJSA).
- 10-gram gold up Rs 1,115 to Rs363,393.
- International price reaches $4,015 per ounce with $20 premium.
- Silver also gains Rs 25 to close at Rs 5,152 per tola.
ISLAMABAD: Gold prices in Pakistan advanced on Monday, mirroring an uptick in the international bullion market as investors weighed safe-haven demand against a stronger US dollar and easing global trade tensions.
According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold rose by Rs 1,300 per tola, settling at Rs 423,862, while the 10-gram rate increased by Rs 1,115 to Rs 363,393.
On Saturday, the precious metal had declined by Rs 1,600 per tola to Rs 422,562. Monday’s recovery, traders said, reflected renewed interest following a mild correction in global prices last week.
APGJSA reported that the international gold rate stood at $4,015 per ounce (including a $20 premium), up $13 from the previous close. The price of 24-karat silver also rose by Rs 25 per tola to Rs 5,152.
In the global market, gold held largely steady, supported by safe-haven buying but capped by a firm dollar as investors tempered expectations for early rate cuts by the US Federal Reserve.
According to Reuters, easing trade tensions between the United States and China have also softened near-term demand for bullion.
Spot gold was last seen trading flat at $4,000.65 per ounce at 0504 GMT, while US gold futures for December delivery added 0.4% to $4,010 per ounce.
Prices remain nearly 9% below their October 20 record of $4,381.21, as the greenback hovers near a three-month high.
Analysts expect gold to trade within a narrow range in the coming sessions, with direction likely guided by upcoming US economic indicators and currency movements.
