Gold reaches new all-time high in Pakistan after global market rally

Gold prices in Pakistan soared to another record level on Monday, tracking gains in the international market as investors anticipated a possible interest rate cut by the US Federal Reserve in September.

According to figures released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed by Rs3,300 to reach an all-time high of Rs370,700. Likewise, the rate for 10 grams rose by Rs2,829, settling at Rs317,815.

In the international market, gold rose by $33 to stand at $3,480 per ounce, including a $20 premium, APGJSA said.

The fresh rally comes just two days after domestic gold prices touched a then-record of Rs367,400 per tola on Saturday following a Rs3,600 jump.

Experts said that local bullion rates surged to a new peak in line with the global market, which spiked after reports suggested that the US central bank may cut rates.

The Federal Open Market Committee (FOMC) is scheduled to meet on September 16–17, when policymakers are expected to decide the course of monetary policy.