KEY POINTS
- Gold per tola jumps by Rs 5,100 to hit Rs 398,800
- 10-gram gold climbs Rs4,372 to reach Rs341,906
- International gold prices steady after record peak
- Silver also gains Rs42 per tola, reaching Rs4,637
ISLAMABAD: Gold prices in Pakistan continued their upward momentum on Tuesday, setting a fresh all-time high in tandem with international trends, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
In the local market, the price of gold per tola surged by Rs 5,100 to reach Rs 398,800, while the rate for 10 grams rose by Rs 4,372 to Rs 341,906. The rise followed Monday’s increase when per tola gold had settled at Rs 393,700 after an increase of Rs 3,400.
International bullion rates also advanced during the day. APGJSA reported the global price at $3,770 per ounce (with a $20 premium), marking a daily increase of $51. Spot gold steadied at $3,743.39 per ounce at 0238 GMT after hitting a record high of $3,759.02 earlier, while U.S. December futures edged 0.1% higher to $3,779.50.
Silver followed the upward trend, climbing by Rs 42 per tola to reach Rs 4,637. Analysts told Reuters that the rally in precious metals was underpinned by expectations of further U.S. rate cuts and a weaker dollar, as investors awaited Federal Reserve Chair Jerome Powell’s policy speech for direction.
