Gold prices in Pakistan soared to a new all-time high on Monday, reflecting sharp gains in international markets. In the local market, the price of gold rose by Rs5,900 in a single day, reaching Rs403,600 per tola, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The 10-gram rate also climbed, selling at Rs346,021 after an increase of Rs5,058.
This comes just two days after gold was priced at Rs397,700 per tola on Saturday, following a Rs1,900 rise. The consistent upward trend is closely tied to the international market, where gold also hit a record high. The global price of gold reached $3,818 per ounce (including a $20 premium), registering a $59 increase during the day.
Read more: Gold price drops Rs2,000 per tola in Pakistan
The price rally is supported by multiple international factors. A weaker U.S. dollar and market expectations of further Federal Reserve interest rate cuts later this year have driven investors toward gold. These global conditions have made gold more attractive, especially for international buyers, as the dollar loses some of its strength.
Spot gold surged by 0.8% to $3,789.39 per ounce, while U.S. gold futures for December delivery edged up 0.3% to $3,818.30. Earlier in the day, spot gold hit a record high of $3,798.32, marking a historic moment for the precious metal. These movements are being closely watched by traders and analysts worldwide.
Silver prices in Pakistan also followed the upward trend, increasing by Rs88 per tola to reach Rs4,792. With both gold and silver climbing rapidly, local investors are expected to take a cautious but optimistic approach, especially as economic uncertainty continues to fuel demand for safe-haven assets.