Gold Prices in Pakistan Increase Massively Again

Gold prices in Pakistan surged on Monday, following a strong rally in the international market. In the local market, the price of gold per tola climbed to Rs. 429,862 after an increase of Rs. 7,400 during the day. Similarly, the price for 10 grams of gold rose to Rs. 368,530, up by Rs. 6,337, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Saturday, gold had closed at Rs. 422,462 per tola after a decrease of Rs. 600. Internationally, gold prices also saw a significant jump. APGJSA reported the global rate at $4,075 per ounce (including a $20 premium), marking a $74 increase during the day. Silver prices in the local market also moved higher, rising by Rs. 115 per tola to reach Rs. 5,209. Meanwhile, global gold prices rose more than 1 percent on Monday, supported by expectations of another Federal Reserve interest rate cut in December and a series of weak economic indicators that fueled concerns about a global slowdown. Spot gold was up 1.4 percent at $4,053.40 per ounce by 0435 GMT, while US gold futures for December delivery increased 1.3 percent to $4,062.40 per ounce.