Gold prices reach record highs in Pakistan amid global surge

(Web Desk): Gold prices in Pakistan continued their upward trajectory, reaching new all-time highs in line with global market gains.

On Tuesday, the price of gold per tola rose by Rs4,100 to settle at Rs388,100 in the local market, according to data shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10-gram gold increased by Rs3,514, reaching a record Rs332,733.

This surge follows Monday’s substantial increase, when gold prices jumped by Rs6,100 to reach Rs384,000 per tola.

Internationally, gold prices also climbed sharply. As per APGJSA, the global rate for gold stood at $3,654 per ounce (including a $20 premium), reflecting a gain of $41. Spot gold rose 0.5% to $3,651.96 per ounce as of 04:30 GMT, while US gold futures for December delivery advanced 0.4% to $3,690.90.

The rally in gold is being driven by a weaker US dollar and declining bond yields, as markets increasingly anticipate a Federal Reserve interest rate cut later this month. Meanwhile, silver prices in Pakistan rose by Rs20, reaching Rs4,358 per tola.