Gold hits new record highs in global and Pakistani markets

Gold prices soared to fresh all-time highs on Tuesday, driven by strong gains in the international bullion trade.

In the global market, gold rose by $49 per ounce, reaching a new peak of $3,692. Spot gold gained 0.2% to $3,685.02 per ounce at 0632 GMT after hitting an earlier record of $3,689.27. Meanwhile, US gold futures for December delivery inched up 0.1% to $3,722.70.

The rally was mirrored in Pakistan’s local market, where the price of gold climbed by Rs4,700 per tola to an unprecedented Rs391,000, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The rate for 10 grams also advanced by Rs4,030, settling at Rs335,219.

Other precious metals showed mixed trends. Spot silver held steady at $42.73 per ounce, platinum slipped 0.2% to $1,398.84, and palladium edged down 0.2% to $1,182.25.

On Monday, gold prices had remained stable both globally and locally, as investors awaited key signals from the US Federal Reserve’s upcoming policy decision. At the time, domestic gold stood at Rs386,300 per tola and $3,643 per ounce internationally, including a $20

premium.