Gold Prices Soar in Pakistan Amid Global Gains Ahead of US Inflation Data
Gold prices in Pakistan rose on Tuesday as international markets gained ground, driven by expectations of high US inflation data ahead of its release. The All-Pakistan Gems and Jewellers Sarafa Association reported that gold per tola reached Rs459,736 after a gain of Rs2,400, while ten-gram gold was sold at Rs394,149, up Rs2,058.
Silver also advanced in the local market, rising Rs62 to Rs6,965 per tola. The gains were largely driven by global demand, with spot gold up 0.2% at $4,396.87 per ounce as of 11:05 am EDT (1505 GMT), according to Reuters.
In an interview, Interactive Commodities Director Adnan Agar noted that gold was still on an upward trajectory and could potentially reach the $4,600-$4,700 level in coming days. However, he also highlighted strong resistance above the $4,700-4,800 zone, warning that if this threshold is crossed, it may lead to a correction.