Gold Price in Pakistan Surges Despite Global Market Loss

Gold prices in Pakistan rose by Rs4,300 per tola on Wednesday, despite a decline in international markets. The local rate reflected a lagged impact of previous global price movements, according to the All-Pakistan Gems and Jewellers Sarafa Association.

The price of gold per tola increased to Rs441,636, while 10-gram gold rose by Rs3,686 to Rs378,631. This is a reversal from Tuesday's decline of Rs800 per tola in gold prices.

Spot gold was down 0.7% at $4,152.86 per ounce as of 1:40 pm ET (1740 GMT), after briefly rising following the release of softer-than-expected US inflation data. The precious metal is now on track for a monthly decline of around 6.6% in September.

Market attention has shifted towards upcoming US economic data, particularly employment figures due on Friday, which could provide fresh clues about the Federal Reserve's rate outlook. Adnan Agar, Director at Interactive Commodities, noted that gold was currently trading within a range of around $4,100 to $4,200 per ounce, with the market awaiting the US employment data for a clearer direction.