Gold price rises Rs2,500 per tola in Pakistan

Gold prices in Pakistan rose on Friday in line with an upward trend in the international bullion market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold increased by Rs2,500 per tola, bringing the rate to Rs386,500. The price of 10 grams also climbed by Rs2,143 to reach Rs331,361.

A day earlier, domestic gold had fallen sharply by Rs4,100 per tola, settling at Rs384,000.

International prices also registered gains on Friday. The global rate was recorded at $3,645 per ounce (with a $20 premium), marking an increase of $27, APGJSA said.

The local silver market followed the same trajectory, with the price per tola rising by Rs130 to Rs4,456.

Meanwhile, in the international market, spot gold was trading 0.5% higher at $3,651.92 per ounce by 0609 GMT. The precious metal hovered close to the record $3,673.95 reached earlier in the week and has advanced 1.8% so far this week.

U.S. gold futures for December delivery also rose by 0.5%, settling at $3,690.30.

Analysts noted that bullion was on track for its fourth straight weekly gain, with investor concerns over a weakening U.S. labour market outweighing inflation risks ahead of a widely anticipated Federal Reserve rate cut next week.