KARACHI: Gold prices in Pakistan surged on Tuesday, following an upward trend in the international market.
According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs5,900, reaching Rs435,762 in the local market. Similarly, the price of 10 grams of gold climbed by Rs5,065 to settle at Rs373,595.
On Monday, gold had already registered a sharp increase of Rs7,400 per tola, closing at Rs429,862.
In the international market, gold prices also advanced, with the rate standing at $4,134 per ounce — including a $20 premium — marking an increase of $59 during the day.
Meanwhile, silver prices in Pakistan also recorded a notable rise, gaining Rs144 per tola to reach Rs5,353.
Global gold prices extended their gains to a near three-week high on Tuesday, driven by expectations of another US Federal Reserve interest rate cut in December and optimism over the potential resolution of the US government shutdown.
By 0314 GMT, spot gold rose 0.7% to $4,142.83 per ounce, while US gold futures for December delivery increased by the same margin to $4,148.50 per ounce.
