Gold prices in Pakistan reached a record-breaking high on Tuesday, following a sharp rise in global markets. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed by Rs5,100, settling at Rs398,800. This is the highest ever recorded in the country’s history.
The price of 10 grams of gold also jumped significantly. It increased by Rs4,372 to reach Rs341,906. A day earlier, gold prices had already surged by Rs3,400 per tola, showing a steady upward trend. Traders and investors are closely monitoring the situation as prices continue to break records.
Internationally, gold prices also rose sharply on Tuesday. The global rate hit $3,770 per ounce, including a $20 premium, up by $51 during the day. Spot gold held at $3,743.39, after touching a session high of $3,759.02. U.S. gold futures for December delivery edged up to $3,779.50, rising 0.1%.
The rally in gold is fueled by expectations of further U.S. interest rate cuts and a weaker dollar. Investors are awaiting remarks from Federal Reserve Chair Jerome Powell, which could offer fresh clues on future monetary policy. Until then, safe-haven demand for gold remains strong.
Meanwhile, silver also saw a notable gain in the local market. The price of silver rose by Rs42 per tola, reaching Rs4,637. Both gold and silver continue to attract attention as global uncertainty drives investors toward precious metals.