Gold hits Rs435,762 per tola as prices climb for second day

Gold prices in Pakistan saw a notable spike on Tuesday, in line with the global market's upward movement. The price of 24-karat gold now stands at Rs435,762 per tola, up from Rs429,862 on Monday.

The difference of Rs5,900 per tola was recorded between Tuesday and Monday. The cost of 10 grams of gold also surged by Rs5,065, closing at Rs373,595.

This marks the second consecutive day of gains. On Monday, gold had already jumped by Rs7,400 per tola to reach Rs429,862. Overall, the precious metal has climbed Rs13,300 per tola since the start of the week.

Internationally, gold prices also moved higher, reaching $4,134 per ounce (including a $20 premium), up $59 on the day. Silver prices followed suit, gaining Rs144 per tola to settle at Rs5,353.

Market analysts attribute the rise to increasing expectations that the US Federal Reserve may introduce another interest rate cut in December, which tends to boost investor demand for gold, a non-yielding safe-haven asset.