Gold prices in Pakistan soared to new record highs on Tuesday, tracking strong gains in the international market as expectations of a potential US interest rate cut boosted investor demand for the precious metal.
Local Market Update
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola jumped by Rs. 4,700, reaching an unprecedented Rs. 391,000.
Similarly, the price of 10 grams of gold climbed by Rs. 4,030, hitting an all-time high of Rs. 335,219.
Just a day earlier, gold prices had remained relatively steady, with the per tola rate holding at Rs. 386,300.
Global Market Influence
The APGJSA reported that the international gold price was recorded at $3,692 per ounce, which includes a $20 premium, marking a daily gain of $49.
In global markets, spot gold touched a fresh record high of $3,689.27 per ounce before easing slightly to $3,681.18. Meanwhile, US gold futures for December delivery were steady at $3,718.50.
Silver Prices Also Rise
The rally wasn’t limited to gold. Silver prices in the domestic market also saw an upward move, climbing by Rs. 53 to settle at Rs. 4,496 per tola.
Outlook
Market analysts believe that growing expectations of a US Federal Reserve rate cut have strengthened gold’s appeal as a safe-haven asset. With global uncertainty persisting and inflation concerns remaining, precious metals are likely to continue attracting strong investor interest in the days ahead.
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