Gold prices go unbridled, hit new high in Pakistan

Karachi: Gold prices in Pakistan continued to mount on Wednesday, in line with their increase in the international rates. The price of yellow metal reached Rs410,278 per tola after a single-day rise of Rs3,500.

According to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs351,747 after it registered an increase of Rs3,001.

On Tuesday, gold price per tola reached Rs406,778 after a gain of Rs3,178 during the day.

The international rate of gold also increased by $35 to settle at $3,890 per ounce. Internationally, gold prices surged to a record high on Wednesday, driven by investor demand for safe-haven assets after the official start of the US government shutdown and as soft labour data bolstered expectations of Federal Reserve rate cuts.