Pakistan Gold Prices Soar to Over Rs487,000 Amid Global Rally

Gold prices in Pakistan have continued their upward trend, reaching over Rs487,000 per tola on Monday. This sharp increase follows a strong international rally that pushed bullion to its highest level in over three months.

The Jewelers Sarafa Association reported that 24-carat gold rose by Rs4,200 to Rs487,136 per tola, while the price of 10 grams of gold went up by Rs3,601 to Rs417,640. Gold's momentum remained intact even after adding Rs1,200 per tola on Sunday.

According to Interactive Commodities Director Adnan Agar, the strength of the recent rally can be attributed to worries about US Treasury yields and a weaker dollar, making gold more attractive to investors. He also predicted that gold may reach $4,800 but warned that it might be hard to breach this level with a possible correction of $500 to $600.

The global rally was supported by technical buying after the US Treasury's recent buyback announcement and a weaker dollar. Investors are positioning for key US inflation data due on Wednesday and at the first speech by Federal Reserve Chair Kevin Warsh at the symposium.