Gold hits fresh all-time high in Pakistan

Gold prices in Pakistan continued their upward trend on Friday, following gains in the international market.

According to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed by Rs1,200 to reach Rs377,900. Similarly, the rate of 10 grams rose by Rs1,029, hitting a new record of Rs323,988.

A day earlier, the domestic market had remained steady at Rs376,700 per tola.

On the global front, bullion prices also moved higher. Gold stood at $3,552 per ounce (including a $20 premium), reflecting an increase of $12, APGJSA said. Spot gold was last seen trading at $3,556.21 per ounce at 0332 GMT, edging close to Wednesday’s all-time high of $3,578.50. US gold futures for December delivery also rose 0.2% to $3,615.

With a 3.2% gain this week, international bullion was on track for its strongest weekly performance in three months, supported by growing expectations of a US interest rate cut later this month.

Meanwhile, silver rates in the local market remained unchanged at Rs4,315 per tola.