Gold Nears Rs. 400,000 Per Tola as Prices Hit Record Highs in Pakistan

Gold prices in Pakistan have soared to an all-time high, mirroring gains in the international market as investors flock to the precious metal amid economic uncertainty. On Monday, the price of gold per tola in the local market surged by Rs. 6,100, reaching a historic Rs. 384,000, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10-gram gold climbed to a record Rs. 329,219, marking an increase of Rs. 5,230 during the day. This sharp rise follows Friday’s gain, when gold per tola rose by Rs. 1,200 to settle at Rs. 377,900. The international gold market also witnessed a significant uptick. The price of gold reached $3,613 per ounce (including a $20 premium), reflecting a $61 increase, as reported by APGJSA. Spot gold remained steady at $3,583.41 per ounce as of 0454 GMT, while US gold futures for December delivery fell slightly by 0.8% to $3,624. Bullion prices hit a record high of $3,599.89 per ounce on Friday, driven by growing expectations of a US Federal Reserve rate cut later this month. The anticipation follows a weaker-than-expected US jobs report last week, which has bolstered demand for safe-haven assets like gold. Meanwhile, silver prices in Pakistan also saw an increase, with the price per tola rising by Rs. 23 to reach Rs. 4,338.