KARACHI: Gold prices in Pakistan rose on Monday, reflecting the upward momentum in the international bullion market. According to data issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola increased by Rs1,600, reaching Rs443,762 in the local market. This increase follows a recent dip on Saturday when the per-tola rate had fallen by Rs2,300 to settle at Rs442,162.
The 10-gram gold price also recorded an increase, climbing by Rs1,372 to hit Rs380,454. The rise in domestic gold prices is largely driven by gains in the global market, combined with fluctuations in the rupee and market sentiment ahead of major international economic developments.
In the international market, gold prices rose by $16 to reach $4,214 per ounce, including a premium of $20. Spot gold saw a 0.3 percent uptick, trading at $4,212.70 per ounce as of 0319 GMT. Meanwhile, US gold futures for December delivery remained steady at $4,241.30 per ounce.
Global investors appear increasingly confident that the US Federal Reserve will announce an interest-rate cut during its upcoming policy meeting this week. Expectations of a rate cut typically drive gold prices higher, as lower interest rates reduce the opportunity cost of holding non-yielding assets like bullion. The softer US dollar also contributed to gold’s rise, with the greenback hovering near a one-month low recorded on December 4. A weaker dollar makes gold more affordable for international buyers, further boosting demand.
Silver prices within Pakistan also followed the upward trend. The price per tola of silver rose by Rs30, reaching Rs6,102 in the local market. The increase comes amid growing investor interest in precious metals as global economic uncertainties persist.
Local jewellers and investors are now closely watching both the international market and the Federal Reserve’s policy decisions, as these factors are expected to influence gold price movements in the coming days. With global demand showing signs of strengthening and currency pressures continuing, analysts anticipate further fluctuations in Pakistan’s bullion market.
