Gold price sees another massive jump in Pakistan

Gold prices in Pakistan climbed sharply on Tuesday, mirroring a strong upward trend in the international market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by Rs5,900 per tola, reaching Rs435,762 in the local market. Similarly, the price of 10 grams of gold went up by Rs5,065, closing at Rs373,595.

This marks the second consecutive day of gains. On Monday, the precious metal had already surged by Rs7,400 per tola to settle at Rs429,862.

The gold price has increased by Rs13,300 per tola since the start of this week in Pakistan.

Global factors lift prices

The international gold rate also advanced significantly, touching $4,134 per ounce with a $20 premium, reflecting an increase of $59 during the day. Silver followed the same direction, with its price rising by Rs144 per tola to reach Rs5,353.

Analysts said global gold prices were buoyed by growing optimism that the US Federal Reserve might deliver another interest rate cut in December. The move would make non-yielding assets like gold more attractive for investors.

Signs of progress toward ending the partial US government shutdown further strengthened investor sentiment. As a result, spot gold climbed 0.7 percent to $4,142.83 per ounce by 0314 GMT, marking its highest level since October 24. Meanwhile, US gold futures for December delivery also gained 0.7 percent to reach $4,148.50 per ounce.

The local demand for gold typically rises in the wedding season, and with global prices climbing, domestic rates may continue to face upward pressure in the coming days.