Gold rates jump Rs21,100/tola to fresh record high in Pakistan

Gold prices surged to a fresh record in Pakistan on Wednesday, reflecting a sharp rise in the international market.

In the local bullion market, the price of gold climbed by Rs21,100 in a single day, taking the per tola rate to Rs551,662.

The price of 10 grams of gold also jumped by Rs18,090 to settle at Rs472,961, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

A day earlier on Tuesday, gold had closed at Rs530,562 per tola after registering a drop of Rs1,500.

Internationally, gold prices saw a strong upward move, gaining $211 to reach $5,293 per ounce, including a $20 premium. The rally pushed global gold past the $5,200 mark for the first time, ahead of an upcoming US Federal Reserve policy decision.

Spot gold was trading 0.6 per cent higher at $5,219.97 per ounce by 0153 GMT, after touching an intraday record of $5,224.95. Prices have now risen more than 20 per cent since the beginning of the year.

US gold futures for February delivery also posted sharp gains, jumping 2.6 per cent to $5,216.80 per ounce.

Meanwhile, silver prices followed the upward trend. In Pakistan, silver gained Rs271 to reach a new all-time high of Rs11,911 per tola.