Gold prices shot up again on Monday after a big rise in the international market, touching record highs in the local market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola increased by Rs. 7,400 to reach Rs. 429,862. The rate for 10 grams of gold also became Rs. 368,530, after a Rs. 6,337 increase.
Just two days earlier, on Saturday, gold rate closed at Rs. 422,462 per tola.
Global Market Impact
In the international market, gold prices also moved higher. APGJSA reported the global rate at $4,075 per ounce (including a $20 premium), which is an increase of $74 in one day.
Silver prices in Pakistan followed the same trend and rose by Rs. 115 per tola and reach Rs. 5,209.
Why Gold Is Rising
Global gold prices increased more than 1 percent on Monday. It was because investors expect the US Federal Reserve might cut interest rates again in December. Recent weak economic data has raised fears that the world economy is slowing down.
At 0435 GMT, spot gold was at $4,053.40 per ounce, up 1.4 percent, while US gold futures for December delivery increased 1.3 percent to $4,062.40 per ounce.
Analysts say the jump in both local and international markets reflects investors’ growing demand for gold as they look for safer investment options.
