Gold prices in Pakistan climbed on Monday, mirroring an uptick in the international market. In the local market, the price of gold per tola rose by Rs. 1,300 to reach Rs. 423,862, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Similarly, the price of 10-gram gold increased by Rs. 1,115, with the new rate standing at Rs. 363,393.
On Saturday, gold prices had dropped, with the per tola rate falling by Rs. 1,600 to Rs. 422,562.
Internationally, gold prices also moved higher. APGJSA reported the global rate at $4,015 per ounce (including a $20 premium), up $13 during the day.
Silver prices in Pakistan also saw an uptick, rising by Rs. 25 per tola to Rs. 5,152.
Meanwhile, international gold prices held steady on Monday, supported by a strong dollar as investors scaled back expectations for further U.S. Federal Reserve rate cuts in the near term. Easing U.S.-China trade tensions also dampened demand for bullion.
Spot gold was flat at $4,000.65 per ounce as of 0504 GMT, while U.S. gold futures for December delivery rose 0.4% to $4,010 per ounce. Prices have retreated about 9% from a record high of $4,381.21 reached on October 20, as the dollar climbed to a near three-month high.