Gold prices in Pakistan surged to fresh highs on Tuesday, following gains in the international market as expectations of a US interest rate cut lifted demand for the safe-haven asset.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs. 4,700 to a record Rs. 391,000.
Ten grams of gold also hit an all-time high of Rs. 335,219 after gaining Rs. 4,030 during the day.
A day earlier, the per tola price had remained steady at Rs. 386,300.
APGJSA reported that the international price stood at $3,692 per ounce, including a $20 premium, reflecting a $49 daily increase. Silver prices also advanced, climbing Rs. 53 to Rs. 4,496 per tola.
In global markets, spot gold touched a record $3,689.27 per ounce before easing slightly to $3,681.18. US gold futures for December delivery were steady at $3,718.50.