KARACHI — Gold prices in Pakistan witnessed another massive jump on Monday, mirroring the strong rally in the international bullion market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed by Rs. 7,400, reaching Rs. 429,862 in the local market. Similarly, the rate for 10 grams of gold rose by Rs. 6,337 to Rs. 368,530.
This sharp increase follows a brief dip over the weekend when gold had settled at Rs. 422,462 per tola after a minor decline of Rs. 600 on Saturday.
In the global market, gold prices also recorded significant gains, with APGJSA reporting an international rate of $4,075 per ounce (including a $20 premium) up by $74 in a single day.
Silver prices moved in the same direction, climbing by Rs. 115 per tola to reach Rs. 5,209.
Analysts attribute the surge in gold prices to growing expectations of another US Federal Reserve interest rate cut in December, coupled with a string of weak global economic data that has heightened fears of an economic slowdown.
By 0435 GMT, spot gold was trading 1.4 percent higher at $4,053.40 per ounce, while US gold futures for December delivery were up 1.3 percent at $4,062.40.
Experts believe that as global uncertainty deepens, investors are once again turning to gold as a safe-haven asset a trend that continues to drive up prices both internationally and in Pakistan’s bullion markets.
