Gold prices in Pakistan soared to unprecedented levels on Tuesday, fueled by bullish momentum in international markets and growing expectations of a U.S. interest rate cut.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola jumped by Rs. 4,700, reaching a record Rs. 391,000. Similarly, the rate for ten grams surged by Rs. 4,030 to hit Rs. 335,219.
The rally mirrors global trends, where spot gold climbed to $3,689.27 per ounce before settling slightly lower at $3,681.18. U.S. gold futures for December delivery held steady at $3,718.50, while the international rate stood at $3,692 per ounce, including a $20 premium.
Silver also followed suit, rising by Rs. 53 to Rs. 4,496 per tola.
Just a day earlier, domestic gold prices had remained stable at Rs. 386,300 per tola, making Tuesday’s spike one of the sharpest single-day gains in recent months. Analysts attribute the surge to increased demand for safe-haven assets amid economic uncertainty and shifting monetary policy expectations.