According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold rose by Rs7,400 per tola, reaching Rs429,862 in the local market. Likewise, the price of 10 grams of gold increased by Rs6,337 to Rs368,530.
Just two days earlier, gold had dipped slightly to Rs422,462 per tola after a minor loss of Rs600, but Monday’s rally erased those losses entirely.
Global market support
The local surge followed similar movement in the international market, where gold prices jumped by more than one percent amid growing expectations of a possible interest rate cut by the US Federal Reserve in December. Concerns over weak economic data also pushed investors towards safe-haven assets.
Internationally, spot gold climbed 1.4 percent to $4,053.40 per ounce, while US gold futures for December delivery were up 1.3 percent at $4,062.40 per ounce. APGJSA reported the international gold rate at $4,075 per ounce with a $20 premium, reflecting an increase of $74 during the day.
Silver prices also moved up, gaining Rs115 per tola to settle at Rs5,209.
Rupee gains slightly against dollar
Meanwhile, the Pakistani rupee continued to show mild strength against the US dollar in early trading hours. By 10am, the rupee stood at Rs280.62, appreciating by 0.07 percent or Re0.2 in the interbank market.
During the previous week, the local currency had also recorded a modest gain of Re0.09, closing at Rs280.82 against the dollar, according to figures released by the State Bank of Pakistan.
The latest rise in gold prices, coupled with the rupee’s slight recovery, reflects the ongoing tug-of-war between global inflation concerns and cautious optimism in Pakistan’s currency market.