Gold Prices Skyrocket in Pakistan After Huge Increase

Gold prices in Pakistan climbed sharply on Monday, fueled by strong gains in the international market. In the local market, the price of gold per tola rose by Rs. 5,900 to reach Rs. 435,762. Similarly, the price for 10 grams of gold increased by Rs. 5,065, reaching Rs. 373,595, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Previously, on Monday, gold had already seen a significant jump, with the price per tola reaching Rs. 429,862 after a gain of Rs. 7,400 during the day. On the global front, the international gold rate also moved higher. APGJSA reported the rate at $4,134 per ounce (including a $20 premium), marking a $59 increase during the day. Silver prices in the local market also saw an uptick, rising by Rs. 144 per tola to reach Rs. 5,353. Meanwhile, international gold prices extended their rally to a near three-week high on Tuesday, supported by growing expectations of another US Federal Reserve interest rate cut in December and optimism over a possible end to the US government shutdown. Spot gold was up 0.7 percent at $4,142.83 per ounce by 0314 GMT, its highest level since October 24. US gold futures for December delivery also rose 0.7 percent to $4,148.50 per ounce.