Gold price rises Rs3,178 per tola to touch new peak in Pakistan

Gold prices in Pakistan surged to an all-time high on Tuesday in line with an upward trend in the global market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed by Rs3,178 to settle at Rs406,778. Similarly, the rate for 10 grams rose by Rs2,725, reaching Rs348,746.

On the previous day, gold had already witnessed a sharp jump of Rs5,900 per tola, closing at Rs403,600.

APGJSA further reported that international gold prices also rose, with the rate standing at $3,855 per ounce — including a $20 premium — after gaining $37 during the session.

In contrast, silver prices slipped, dropping by Rs16 per tola to Rs4,776.

Globally, bullion extended its rally to fresh peaks on Tuesday, with investors turning to the safe-haven asset amid concerns of a possible US government shutdown and expectations of further interest rate cuts by the Federal Reserve.

Spot gold was up 0.4% at $3,848.65 per ounce as of 0309 GMT. Futures for December delivery in the US gained 0.6%, trading at $3,877.

With a rise of 11.6% so far in September, gold is on track for its strongest monthly performance since August 2011 if the current momentum continues.