Pakistan Gold Prices Reach Seven-Session High on Weaker US Jobs Data
Gold prices in Pakistan continued their upward trend for the seventh consecutive session on Wednesday, driven by stronger international prices.
The price of gold increased by Rs4,200 per tola to Rs463,936, while the price of 10 grams rose by Rs3,601 to Rs397,750, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
This surge follows Tuesday's gain of Rs2,400 per tola, when gold closed at Rs459,736.
The precious metal has been well-supported after weaker-than-expected US jobs data reduced expectations of an interest rate hike by the Federal Reserve.
Kelvin Wong, Senior Market Analyst at Oanda, attributed the support for gold prices to lower expectations of a Fed rate hike, stating that a technical breakout above the $4,200 level last week had further strengthened buying momentum.