KEY POINTS
- Local gold rate crosses Rs 393,000 per tola
- International bullion trades close to record highs
- Silver also posts a sharp gain in domestic market.
- Fed signals further easing amid inflation concerns
ISLAMABAD: Gold prices in Pakistan surged to fresh all-time highs on Monday, tracking strength in the international bullion market as investors positioned ahead of key US economic signals.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola increased by Rs 3,400 to reach Rs 393,700, while the 10-gram rate climbed by Rs 2,915 to Rs 337,534.
The silver also advanced, with its price increasing by Rs 63 per tola to Rs 4,595. The association reported that the international gold rate was recorded at $3,719 per ounce — including a $20 premium — marking a $34 rise in a single day.
The rally followed weekend gains when gold per tola had settled at Rs 390,300 after a Rs 1,700 increase. Market participants said the domestic trend reflected global sentiment, where bullion has been hovering near record highs.
According to Reuters, spot gold edged up 0.1% to $3,688.76 per ounce by 0217 GMT after having touched an all-time high of $3,707.40 last week. US gold futures for December delivery gained 0.5% to $3,723.70, as investors awaited speeches from Federal Reserve officials and key inflation data following the central bank’s recent interest rate cut and hints of further easing.
