Gold prices in Pakistan extended their winning streak on Friday in line with their gain in the international market. In the local market, gold price per tola reached Rs377,900 after a gain of Rs1,200 during the day.
As per the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was also sold at record Rs323,988 after it accumulated Rs1,029 during the day.
On Thursday, gold prices in Pakistan remained stable at Rs376,700.
Moreover, the international rate of gold also saw an increase today. The rate was at $3,552 per ounce (with a premium of $20), a gain of $12, as per APGJSA.
While the silver price per tola remained the same at Rs4,315.
Internationally, gold prices were on track for their best week in three months, supported by growing expectations of a US interest rate cut this month, as attention turns to the US non-farm payrolls data due later in the day.
Spot gold was up 0.3% at $3,556.21 per ounce, as of 0332 GMT, hovering near an all-time high of $3,578.50 touched on Wednesday.
Bullion has risen 3.2% so far this week.
US gold futures for December delivery gained 0.2% to $3,615.
“Gold is creeping higher today, with traders not willing to try and push the price too much higher until we see the non-farm payrolls print,” said KCM Trade’s chief market analyst, Tim Waterer.
“Market dynamics remain in favour of gold with interest rate cuts likely on the way, Trump’s attempts to shape the Federal Reserve into a more dovish body, and the Russia-Ukraine conflict not slowing down.”
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