Gold Prices Surge in Pakistan for Fourth Consecutive Day

Gold rates in Pakistan went up again on Monday, marking the fourth day in a row that prices have climbed.

Local bullion markets recorded another sharp increase on Monday. Data released by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA) shows that the price of 24-karat gold rose by Rs 4,200 per tola, to reach Rs 487,136.

The price for 10 grams of 24-karat gold increased by Rs 3,601 to reach Rs 417,640. Meanwhile, 22-karat gold rose to Rs 382,850 per 10 grams. Unlike gold, silver prices stayed the same. Local 24-karat silver held at Rs 7,379 per tola and Rs 6,326 per 10 grams.

Global Market Trends and Future Outlook

International markets are pushing local prices higher. Spot gold rose by $42 in international trade to reach $4,646 per ounce. Experts point to weaker dollar, US fiscal policy concerns and anticipation surrounding upcoming Federal Reserve commentary as the main reasons for the ongoing price hikes.

Market analysts expect that ongoing global demand could push local gold prices past Rs 500,000 per tola soon. Local jewelers note that continued currency fluctuations against the US dollar continue to add pressure on buyers in local markets across major cities.