Gold price surges to record Rs410,278 per tola in Pakistan

Gold prices in Pakistan touched another all-time high on Wednesday, reflecting a parallel increase in international markets.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by Rs3,500 per tola, reaching Rs410,278. The rate for 10 grams climbed Rs3,001 to stand at Rs351,747.

On Tuesday, the price had settled at Rs406,778 per tola after gaining Rs3,178 during the day.

The international bullion market also saw record levels. Spot gold was trading at $3,861.99 per ounce as of 0359 GMT, after hitting a historic peak of $3,875.32. Meanwhile, US gold futures for December delivery rose 0.7% to $3,901.40.

APGJSA reported that the global price was quoted at $3,890 per ounce, including a $20 premium, reflecting an increase of $35 within the day.

The rally was attributed to investors seeking safe-haven assets following the start of the US government shutdown, alongside expectations of potential Federal Reserve rate cuts after weak labour data.