Gold Prices in Pakistan Near Rs. 500,000 Per Tola After Massive Single-Day Gain

Gold prices in Pakistan soared to new all-time highs on Friday, mirroring gains in the international market. In the local market, the price of gold per tola jumped by Rs. 14,100 during the day, reaching a record Rs. 456,900. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs. 391,718 after an increase of Rs. 12,089. On Thursday, gold per tola had already climbed by Rs. 1,900 to settle at Rs. 442,800. The international price of gold also surged, with rates hitting $4,358 per ounce (including a $20 premium), up $141 for the day, as per APGJSA. Spot gold rose 0.9% to $4,362.39 per ounce as of 0439 GMT, after reaching a record high of $4,378.69 earlier in the session. US gold futures for December delivery jumped 1.7% to $4,375.50. Meanwhile, silver prices in Pakistan also set a new record, with per tola rates rising by Rs. 167 to Rs. 5,504. Globally, gold is on track for its best week in over 17 years, buoyed by signs of weakness in US regional banks, global trade frictions, and growing expectations of further interest rate cuts. Bullion has gained about 8.6% this week and is poised for its strongest weekly performance since September 2008, notching record highs in each session.