After a decline in the previous session, gold prices in Pakistan experienced a significant increase on Wednesday, aligning with a rise in international rates. In the local market, the price of gold per tola surged by Rs2,200, reaching a new record high of Rs277,200.
Local Gold Prices
In addition, the price of 10 grams of gold rose by Rs1,886, selling for Rs237,654, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This increase follows a decrease of Rs700 on Tuesday, when the price settled at Rs275,000.
International Gold Rates
Globally, gold prices also saw an uptick on Wednesday, with the international rate reaching $2,675 per ounce (including a premium of $20), marking a daily increase of $22. Silver prices remained stable at Rs3,050 per tola.
Market Outlook
Last month, gold prices hit a previous record of Rs277,000 per tola in Pakistan. As US Treasury yields eased, market participants are eagerly awaiting upcoming economic data, including US retail sales, industrial production, and weekly jobless claims, which will provide insights into potential Federal Reserve interest rate cuts.
Traders are currently anticipating a 97.2% likelihood of a 25 basis-point Fed rate cut in November, which could further influence gold prices in both local and international markets.
