Unexpected trend witnessed in gold price in Pakistan on Monday

Gold prices in Pakistan saw a notable rise on Monday, mirroring trends in the global market. The price of gold per tola climbed by Rs 1,600, reaching Rs 443,762 in local trading.

Similarly, 10-gram gold rose by Rs 1,372, closing at Rs 380,454, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

This increase is rather unexpected because the last session, on Saturday, saw the prices dip massivelys, when gold per tola had fallen by Rs 2,300 to Rs 442,162.

On the international front, gold prices gained $16, hitting $4,214 per ounce, with an additional premium of $20. Silver also recorded a rise, climbing Rs 30 to Rs 6,102 per tola.

Global gold markets were buoyed on Monday by a softer US dollar and growing expectations that the Federal Reserve may implement an interest-rate cut in its upcoming policy meeting. Spot gold rose 0.3 per cent to $4,212.70 per ounce as of 0319 GMT, while US December gold futures held steady at $4,241.30 per ounce.