Gold prices spike by Rs7,900 per tola in Pakistan

The gold price surged by Rs7,900 per tola on Wednesday, bringing the current selling rate to Rs431,562, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The surge was also reflected in the price of 10 grams of gold, which rose by Rs6,773 to stand at Rs369,994.

This comes after the per tola price of gold had been lowered by Rs7,000 on Tuesday.

The precious metal’s value saw a simultaneous surge internationally, rising by $79 to be sold at $4,092 per ounce (including a premium of $20).

Moreover, the rate of silver also increased by Rs177 per tola on Wednesday, after declining by Rs5,100 on Tuesday, and now stands at Rs5,442.

Globally, gold declined for the fourth consecutive day on Tuesday after remaining stable on Monday, pressured by a strong US dollar and reduced expectations of an interest rate cut in the United States next month.

Spot gold was down 0.1% at $4,039.19 per ounce with an additional premium of $20, while US December gold futures slipped 0.9% to $4,038.60 per ounce.