Gold prices go up in Pakistan

Gold prices in Pakistan saw a significant jump on Monday, following an uptick in global rates.

According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of gold per tola surged by Rs2,500, reaching Rs269,900. The price of 10 grams of gold also rose by Rs2,144, bringing it to Rs231,396.

This increase follows a slight dip in prices during the previous trading session, when the cost of gold per tola had dropped by Rs300 to close at Rs267,400.

The rise in local gold prices corresponds with a rebound in the international gold market, where the price of gold per ounce climbed to $2,587 on Monday, up by $25 from the previous day. The global market had faced pressure recently but saw a recovery as the dollar rally stalled. Market watchers are also awaiting statements from U.S. Federal Reserve officials later this week, which could provide further insight into future interest rate moves.

Meanwhile, silver prices in Pakistan remained steady, holding at Rs3,250 per tola.

Gold prices in the local market reached an all-time high of Rs287,900 per tola last month but have since fluctuated in line with global market trends. The latest rise reflects the ongoing volatility in the international gold market.