Gold prices in Pakistan jumped sharply on Monday, mirroring a strong rally in the international market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by Rs7,400 per tola, reaching Rs429,862, while the rate for 10 grams increased by Rs6,337 to Rs368,530. Just two days earlier, gold had closed at Rs422,462 per tola after a slight drop of Rs600.
In the global market, gold prices climbed significantly, with APGJSA reporting an international rate of $4,075 per ounce (including a $20 premium), marking a $74 rise in a single day. Silver prices also edged higher locally, increasing by Rs115 per tola to Rs5,209.
The international surge came as gold gained more than 1 percent on Monday, supported by growing expectations of another interest rate cut by the US Federal Reserve in December and a string of weak economic data that raised concerns over a global economic slowdown.
By 0435 GMT, spot gold was trading at $4,053.40 per ounce, up 1.4 percent, while US gold futures for December delivery stood at $4,062.40 per ounce, gaining 1.3 percent.