Gold Rates Rise Further in Pakistan

Gold prices in Pakistan climbed on Monday, mirroring gains in the international market. In the local market, the price of gold per tola rose by Rs. 1,600 to reach Rs. 443,762, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10-gram gold increased by Rs. 1,372, with the new rate standing at Rs. 380,454. On Saturday, gold prices had slipped, with the per tola rate falling by Rs. 2,300 to settle at Rs. 442,162. Internationally, gold prices also saw an uptick, with the rate rising by $16 to reach $4,214 per ounce, including a $20 premium. Silver prices in the local market followed suit, jumping by Rs. 30 to reach Rs. 6,102 per tola. Globally, gold edged higher on Monday, buoyed by a softer US dollar as traders grew more confident that the US Federal Reserve will announce an interest-rate cut at its policy meeting this week. Spot gold was up 0.3% at $4,212.70 per ounce as of 0319 GMT, while US gold futures for December delivery held steady at $4,241.30 per ounce. The US dollar slipped to hover near one-month lows last seen on December 4, making gold, priced in dollars, cheaper for overseas buyers.