KARACHI (Kashmir English): Today gold rate in Pakistan reach new time high have reached a record high, tracking gains elsewhere in the world as investors rush towards the metal amidst economic uncertainty.
The local market price of gold per tola went up by a record Rs. 6,100 on Monday, reaching a record Rs. 384,000, the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) said. In a similar vein, 10-gram gold reached a record Rs. 329,219, up by Rs. 5,230 in the day.
This steep increase comes after Friday’s gain, when gold per tola increased by Rs. 1,200 to close at Rs. 377,900.
The global gold market also saw a marked increase. The gold price rose to $3,613 per ounce (with a $20 premium), a $61 rise, according to APGJSA. Spot gold held at $3,583.41 per ounce as of 0454 GMT, with US gold futures for December delivery declining slightly by 0.8% to $3,624.
Prices of bullion reached a new all-time high of $3,599.89 an ounce on Friday as increasing expectations of a cut in the US Federal Reserve interest rate later this month pushed prices higher.
The hopes came after a below-forecast US jobs report last week bolstered demand for safe-haven assets such as gold.
Silver prices in Pakistan also increased, as the price per tola went up by Rs23 to Rs4,338.
