Gold rates surge by Rs7,800/tola
Gold prices in Pakistan witnessed a sharp increase on Monday, mirroring a global rally in the precious metal as a weaker US dollar and growing safe-haven demand pushed international prices higher ahead of a key policy decision by the US Federal Reserve later this week.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs7,800, reaching Rs350,000 in the local market. Similarly, the rate for 10 grams climbed by Rs6,687 to Rs300,068.
In the international market, gold surged by $76 during the day, closing at $3,316 per ounce reflecting a gain of more than 2%.
Adnan Agar, Director at Interactive Commodities, noted that the gold market experienced a strong revival on Monday, hitting an intraday high of $3,328 and a low of $3,247. "The market has turned upwards again, but the key resistance zone lies between $3,360 and $3,380. A close above $3,300 would be a positive sign, while a dip below this level could signal a return to a downward trend," he explained.
Globally, gold prices gained more than 2% on Monday, driven by a weaker dollar and safe-haven demand, while the market awaits a policy decision from the US Federal Reserve later in the week, according to Reuters. Spot gold was up 2.2% at $3,312.09 an ounce. US gold futures were up 2.4% at $3,321.30.
The dollar index fell 0.2%, making bullion less expensive to other currency holders.
US President Donald Trump announced on Sunday a 100% tariff on movies produced overseas, reigniting concerns about the potential fallout of a global trade war.
Meanwhile, the Pakistani rupee recorded a slight dip against the US dollar on Monday, slipping by 0.06% in the inter-bank market.
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