Gold price surges to Rs398,800 per tola in Pakistan, sets new record

Gold prices in Pakistan climbed to a new all-time high on Tuesday, mirroring gains in the international market.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by Rs5,100 per tola, reaching Rs398,800. Similarly, the price of 10 grams of gold increased by Rs4,372 to Rs341,906.

On Monday, the precious metal had already touched Rs393,700 per tola after a rise of Rs3,400 in a single day.

The upward movement comes in line with the international market, where gold reached $3,770 per ounce with a $20 premium, marking a $51 increase during the day.

Silver also saw an increase in value, with its price rising by Rs42 per tola to settle at Rs4,637.

Globally, gold steadied on Tuesday after touching a record high, supported by expectations of further U.S. interest rate cuts and a weaker dollar. Investors are now awaiting remarks from U.S. Federal Reserve Chair Jerome Powell for additional policy signals.

Spot gold traded at $3,743.39 per ounce as of 0238 GMT, after briefly hitting a record $3,759.02 earlier in the session.