Gold prices in Pakistan rose sharply on Wednesday, recovering from a record fall just a day earlier. The increase followed a global rise in bullion rates ahead of an expected interest rate cut by the US Federal Reserve.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed by Rs. 3,500, reaching Rs. 419,862 in the local market. Similarly, the price of 10 grams of gold increased by Rs. 3,000, settling at Rs. 359,963.
On Tuesday, gold prices had dropped steeply, with the per tola rate falling by Rs. 14,000 to close at Rs. 416,362, marking one of the biggest single-day declines in recent months.
In the international market, gold prices also moved upward. The rate reached $3,975 per ounce (including a $20 premium), reflecting a gain of $35, according to APGJSA data. The price of silver per tola in Pakistan also rose by Rs. 110, reaching Rs. 5,034.
Market analysts attributed the rise in gold prices to renewed investor interest amid speculation of a potential Federal Reserve rate cut, which typically weakens the dollar and boosts demand for precious metals. However, easing US-China trade tensions kept further gains in check.
As of 0257 GMT, spot gold was up 0.2% at $3,957.42 per ounce, rebounding from its lowest level since October 7. Meanwhile, US gold futures for December delivery edged down 0.3% to $3,971.20 per ounce.
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The recent fluctuations show how global economic signals continue to influence gold prices in Pakistan. Traders say that any major movement in the international market or foreign exchange rate could further affect domestic gold rates in the coming days.
