Gold prices extended their upward momentum on Monday, recording a sharp rise across both international and domestic markets, as investor demand remained strong amid currency pressures and expectations around key US economic data.
In the international bullion market, gold climbed by $26 per ounce to trade at $4,325, continuing its recent rally. Spot gold later rose 1 per cent to $4,343.96 an ounce by 0949 GMT, after touching its highest level since October 21 last Friday. US gold futures also strengthened, gaining 1.2 per cent to reach $4,377.80 per ounce.
Local markets mirrored the global trend. In Pakistan’s sarafa markets, the price of 24-carat gold per tola increased by Rs2,600 to Rs454,862, while the rate for 10 grams rose by Rs2,229 to Rs389,970, according to market data.
Read: Gold Hits Record High in Pakistan Following Global Rally
Silver prices also moved higher. Per tola silver gained Rs68 to settle at Rs6,532, while the price of 10 grams increased by Rs59 to Rs5,600. Internationally, spot silver jumped 2.8 per cent to $63.76 per ounce, after briefly hitting a record high of $64.65 on Friday before easing.
The domestic rally follows a significant surge recorded earlier on Saturday, when gold prices in Pakistan rose sharply despite a temporary pullback in international markets. The All-Pakistan Gems and Jewellers Sarafa Association reported that the per-tola price jumped by Rs10,700 to Rs454,262, while 10-gram gold rose by Rs9,174 to Rs389,456. That move came on the back of strong local demand and rupee weakness, even as global prices softened due to profit-taking.
Silver prices in Pakistan also climbed sharply during that session, rising by Rs232 to Rs6,684 per tola. This contrasted with international markets, where silver dropped more than three per cent after a record-breaking rally, falling to $61.7 per ounce from an intraday high of $64.64.
