Gold Prices in Pakistan Rise After a Massive Drop

Gold prices in Pakistan increased on Wednesday, following a record drop the previous day. In the local market, the price of gold per tola climbed by Rs. 3,500 during the day, reaching Rs. 419,862. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold rose by Rs. 3,000 to settle at Rs. 359,963. On Tuesday, gold prices had dropped sharply, with the per tola rate falling by Rs. 14,000 to close at Rs. 416,362. Internationally, gold prices also moved higher. The rate stood at $3,975 per ounce (including a $20 premium), marking a gain of $35, as reported by APGJSA. Meanwhile, the price of silver per tola in the local market increased by Rs. 110 to Rs. 5,034. Global gold prices edged up on Wednesday ahead of an anticipated interest rate cut from the Federal Reserve, although easing US-China trade tensions limited bullion’s strength. As of 0257 GMT, spot gold was up 0.2% at $3,957.42 per ounce, after hitting its lowest level since October 7 on Tuesday. US gold futures for December delivery slipped 0.3% to $3,971.20 per ounce.