Gold price per tola gains Rs7,400 in Pakistan
- International gold rises more than 1% on Fed rate-cut bets
Gold prices in Pakistan increased on Monday in line with their gain in the international market. In the local market, gold price per tola reached Rs429,862 after a gain of Rs7,400 during the day.
Similarly, 10-gram gold was sold at Rs368,530 after it registered an increase of Rs6,337, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Saturday, gold price per tola reached Rs422,462 after a loss of Rs600 during the day.
The international rate of gold also increased today. As per APGJSA, the rate was at $4,075 per ounce (with a premium of $20), an increase of $74 during the day.
Moreover, silver price increased by Rs115 per tola to reach Rs5,209.
Meanwhile, international gold prices rose more than 1% on Monday, buoyed by expectations of another Federal Reserve interest rate cut in December and a slew of weak economic data that raised global slowdown worries.
Spot gold gained 1.4% to $4,053.40 per ounce by 0435 GMT.
US gold futures for December delivery rose 1.3% to $4,062.40 per ounce.