Key Points
- Gold price per tola in Pakistan jumps Rs 2,500 to Rs 386,500
- International gold nears record high, set for fourth weekly gain
- Silver price also rises, up Rs130 per tola at Rs4,456
ISLAMABAD: Gold prices in Pakistan advanced on Friday, following gains in the international market as bullion held near record levels.
In the local market, the price of gold per tola rose by Rs 2,500 to settle at Rs 386,500, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Meanwhile, the rate for 10 grams of gold climbed by Rs 2,143 to Rs 331,361.
On Thursday, the precious metal had slipped, with the per tola price declining Rs4,100 to Rs384,000.
Globally, spot gold rose 0.5% to $3,651.92 per ounce as of 0609 GMT, staying close to Tuesday’s all-time high of $3,673.95. Bullion has already gained 1.8% this week, heading toward its fourth consecutive weekly rise. U.S. gold futures for December delivery added 0.5% to $3,690.30.
Analysts said mounting concerns over the weakening U.S. labour market overshadowed inflation worries ahead of a widely expected Federal Reserve rate cut next week, boosting safe-haven demand for gold.
APGJSA reported the international rate at $3,645 per ounce with a $20 premium, marking a daily gain of $27.
Meanwhile, silver also tracked the upward momentum, with its per tola price increasing by Rs130 to Rs4,456.
