KEY POINTS
- Gold per tola reaches Rs388,100, up Rs4,100; 10-gram gold at Rs332,733
- Silver per tola rises to Rs4,358
- International spot gold climbs to $3,651.96 per ounce; US December futures at $3,690.90
- Prices buoyed by weaker US dollar, lower bond yields, and expectations of a Fed rate cut
ISLAMABAD: Gold prices in Pakistan maintained their strong upward momentum on Tuesday, reaching new record levels amid robust domestic demand and favourable global market conditions.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the gold per tola surged to Rs388,100, registering a gain of Rs4,100 during the day.
Similarly, 10-gram gold climbed to Rs332,733, up Rs3,514. On Monday, gold per tola had closed at Rs 384,000 after gaining Rs 6,100.
Silver prices also edged higher, with per tola silver reaching Rs 4,358, up Rs 20 from the previous session.
Globally, gold prices rose on Tuesday, lifted by a weaker US dollar, declining bond yields, and growing investor expectations of an interest rate cut by the Federal Reserve.
Spot gold advanced 0.5% to $3,651.96 per ounce, while US gold futures for December delivery gained 0.4% to $3,690.90.
In Pakistan, the international gold rate was recorded at $3,654 per ounce with a $20 premium, reflecting sustained global demand.
Analysts noted that the combination of local demand from jewellers and investors, coupled with international safe-haven buying, has strengthened gold’s appeal.
“With uncertainty surrounding global interest rates and currency fluctuations, gold continues to attract investors seeking stability,” said a market observer.
The ongoing rally in gold also coincides with gains in the Pakistani rupee, which has strengthened for the 23rd consecutive day against the US dollar, providing additional support to domestic gold pricing.
Gold prices in Pakistan are likely to continue an upward trend in the coming weeks, if global economic uncertainty persists, particularly with US monetary policy-related developments, as anticipated by the market participants.
