Local Gold Hits Historic Rs384,000 per Tola
Gold prices in Pakistan soared to unprecedented levels once again on Monday, as continued global momentum pushed rates to new heights. In the local market, the price of 24-karat gold per tola surged by Rs6,100, settling at an all-time high of Rs384,000, according to the latest data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Similarly, the price of 10 grams of gold jumped by Rs5,230, reaching a record Rs329,219. This sharp rise builds on last week’s trend, when on Friday, the price had already climbed to Rs377,900 per tola after a Rs1,200 gain in a single day.
The relentless upward trajectory in gold prices has been attributed to a combination of domestic currency fluctuations, investor uncertainty, and a bullish international market driven by macroeconomic signals.
Global Market Trends Fuel Bullish Sentiment
Internationally, gold prices also remained elevated. On Monday, the global rate of gold rose to $3,613 per ounce, including a $20 premium, reflecting a $61 increase from the previous session. Spot gold was last reported steady at $3,583.41 per ounce in early morning trade (as of 0454 GMT), just slightly below its record-breaking high of $3,599.89 reached on Friday.
US gold futures for December delivery, however, saw a modest decline of 0.8%, dropping to $3,624.
The precious metal’s global momentum is being fueled by growing speculation that the US Federal Reserve may cut interest rates this month. The expectations are largely based on disappointing US employment data, which weakened the dollar and reinforced gold’s status as a safe-haven asset.
Silver Prices Also Climb Locally
While gold continued its record-setting run, silver prices also experienced an uptick. The price per tola of silver rose by Rs23, reaching Rs4,338, further reflecting investor interest in precious metals amid global financial uncertainty.
