ISLAMABAD – Gold prices in Pakistan recorded a massive jump on Monday amid upward trend in international market.
According to Sarafa association, price of per tola gold moved up by Rs7,400, setting at Rs429,862 while the new rate of 10-gram gold climbed to Rs368,530 following an increase of Rs6,337.
In international market, gold prices surged to a two-week peak as investors anticipated another interest rate cut by the U.S. Federal Reserve in December.
Concerns over a global economic slowdown, fueled by a series of weak economic reports, also supported the rally.
Spot gold rose 1.8% to $4,070.99 per ounce by 0643 GMT, marking its highest level since October 27. Meanwhile, U.S. December gold futures climbed 1.8% to $4,079.70 per ounce, according to international media.
The silver prices in Pakistan also witnessed gains as per tola rate jumped by Rs115 to reach Rs5,209.
Meanwhile, the Pakistan Stock Exchange (PSX) opened the new business week on a strong note as investor sentiments seem upbeat.
As the trading is underway at the time of reporting, the KSE-100 index has gained 1,699.58 points to reach 161,292.48 points, reflecting a positive change of 1.06 percent.
