Gold prices in Pakistan saw a significant rise on Tuesday, following an upward trend in global markets. The price of gold per tola increased by Rs3,600, reaching Rs273,500, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
Similarly, the price of 10-gram gold rose by Rs3,086, settling at Rs234,482. This increase comes on the heels of Monday’s hike, where the price per tola jumped by Rs2,500 to Rs269,900.
Global Gold Rates on the Rise
The international gold price also surged on Tuesday. According to APGJSA, the rate reached $2,623 per ounce, including a $20 premium, reflecting a $36 rise during the day.
The global market saw spot gold hit $2,623.54 per ounce, marking its highest level since November 12. Prices increased by 2% on Monday, supported by a weaker US dollar.
Silver Prices Hold Steady
In contrast, silver prices in the local market remained unchanged. The metal continued to trade at Rs3,250 per tola.
KATI Pays Tribute to Ilyas Ahmed Bilour
Previous Record Highs
Gold prices in Pakistan recently hit an all-time high of Rs287,900 per tola last month. The surge was attributed to fluctuations in the global market and the weakening of the Pakistani rupee.
Factors Driving the Surge
Globally, gold prices are climbing amid market anticipation of comments from Federal Reserve officials. Investors are seeking insights into the US interest rate outlook, which could further impact gold demand.
A softer US dollar has also supported the recent rise in gold prices. When the dollar weakens, gold becomes cheaper for investors holding other currencies, increasing demand and pushing prices higher.
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