After declining in the previous session, gold prices in Pakistan surged on Wednesday in line with their increase in international rates. In the local market, the price of gold per tola increased by Rs2,200, clocking in at Rs277,200, which is the latest record high in Pakistan.
Similarly, 10-gram gold was sold at Rs237,654 after it recorded an increase of Rs1,886, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Tuesday, gold price had decreased by Rs700 settle at Rs275,000.
Meanwhile, the international rate of gold increased on Wednesday. As per APGJSA, the rate was at $2,675 per ounce (with a premium of $20), and was up by $22 during the day.
Silver prices remained stable at Rs3,050 per tola.
Last month, gold prices hit the then-record high level of Rs277,000 per tola in Pakistan.
Globally, gold prices inched higher on Wednesday, as US Treasury yields eased, while market participants waited for more US economic data to determine the number of interest rate cuts the Federal Reserve is likely to deliver in the near term.
Investors looked forward to US retail sales, industrial production and weekly jobless claims data, due on Thursday, for fresh cues on the Fed’s monetary easing cycle.
Traders are pricing in a 97.2% chance of a 25 basis-point Fed rate cut in November.
American Dollar Exchange Rate