Gold prices jumped in Pakistan on Thursday, with the per tola rate rising by Rs. 3,700 to Rs. 423,062, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10-gram gold also increased, selling at Rs. 362,707 after a gain of Rs. 3,112.
On Wednesday, gold had closed at Rs. 419,362 per tola after a decline of Rs. 1,000.
Internationally, gold prices also moved higher, with APGJSA reporting the rate at $4,007 per ounce (including a $20 premium), up $37 during the day. Silver prices in the local market rose by Rs. 90 per tola to Rs. 5,112.
Global gold prices edged up as the US dollar slipped from a four-month high and investors remained cautious amid uncertainty over the US economic outlook and a potential government shutdown.
Spot gold was up 0.1% at $3,986.23 per ounce by 0427 GMT, while US gold futures for December delivery added 0.1% to $3,994.60 per ounce. Despite the recent uptick, bullion has fallen about 9% since reaching a record high of $4,381.21 on October 20.
