Karachi
Gold prices in Pakistan climbed sharply on Tuesday, mirroring gains in the international market driven by anticipation of a US Federal Reserve interest rate cut in December and easing concerns over a potential US government shutdown.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs5,900 to settle at Rs435,762. Similarly, 10-gram gold advanced by Rs5,065 to Rs373,595. This follows Monday’s increase, when per-tola gold gained Rs7,400 to reach Rs429,862.
The international spot price also firmed up, trading at $4,134 per ounce (including a $20 premium), up $59 from the previous session, as per APGJSA data. Silver prices in the local market edged higher by Rs144 per tola, closing at Rs5,353.
Globally, spot gold rose 0.7% to $4,142.83 per ounce by 0314 GMT, marking its highest level since October 24. US gold futures for December delivery climbed 0.7% to $4,148.50 per ounce, reflecting investor bets on looser monetary policy and reduced fiscal uncertainty in the US.
Market analysts attribute the uptick to gold’s safe-haven appeal amid geopolitical tensions and expectations of sustained economic stimulus. “With the Fed signaling more cuts, gold remains a hedge against inflation and volatility,” said one Karachi-based trader.
The APGJSA noted steady demand from retail buyers and investors, though high premiums could temper short-term enthusiasm. Traders will watch upcoming US economic data for further cues on the precious metal’s trajectory.