Gold prices in Pakistan surged on Monday following strong gains in the global market. Locally, the price of gold per tola rose by Rs5,900, reaching Rs435,762, while the cost of 10 grams increased by Rs5,065 to Rs373,595, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Earlier in the day, gold had already jumped to Rs429,862 per tola after a Rs7,400 rise.
Internationally, gold prices also climbed, with APGJSA reporting a rate of $4,134 per ounce, including a $20 premium, up $59 during the day. Silver prices in Pakistan similarly increased by Rs44 per tola, reaching Rs5,353.
Global gold extended its rally to a near three-week high, driven by expectations of another US Federal Reserve interest rate cut in December and optimism over a possible resolution to the US government shutdown.
Spot gold rose 0.7 percent to $4,142.83 per ounce, the highest since October 24, while US December gold futures also gained 0.7 percent, reaching $4,148.50 per ounce.