KARACHI – Gold prices in Pakistan jumped to fresh record highs on Tuesday amid back to back surges in international market.
On Tuesday, the price of gold per tola increased by Rs4,100, reaching Rs388,100 in the local market. The rate for 10 grams also touched a historic Rs332,733 after gaining Rs3,514.
Bullion kickstarted the week on positive note, as prices climbed Rs6,100 to settle at Rs384,000 per tola.
Globally, gold prices also advanced, with spot rates standing at $3,654 per ounce (including a $20 premium), marking a $41 jump. By 0430 GMT, spot gold was up 0.5% at $3,651.96 per ounce, while US futures for December delivery rose 0.4% to $3,690.90.
Silver prices in the local market also edged higher, increasing by Rs20 to Rs4,358 per tola.
Global rally is being linked to weakening US dollar and falling bond yields, alongside growing expectations of a Federal Reserve interest rate cut later this month, which boosted investor demand for the safe-haven asset.
