Gold edges up in local, global markets

Gold prices in Pakistan witnessed a substantial increase on Wednesday, reflecting the rise in international markets.

In the local market, the price of gold per tola surged by Rs3,100, reaching Rs280,500, while 10 grams of gold saw a rise of Rs2,658 to stand at Rs240,484, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

This follows a Rs1,000 increase in the price per tola recorded on Tuesday.

On the global front, gold prices hit a two-week high, driven by escalating geopolitical tensions and expectations of a U.S. Federal Reserve rate cut.

Spot gold increased by 0.2% to $2,698.47 per ounce by 0253 GMT, reaching its highest level since November 25. U.S. gold futures also saw a rise of 0.6%, settling at $2,734.70.

APGJSA reported the international rate of gold at $2,693 per ounce, inclusive of a $20 premium, marking a $31 increase during the day.

Silver prices also recorded an uptick in the local market, rising by Rs50 to reach Rs3,450 per tola.