Pakistani Gold Price Hits Three-Month High Amid Global Rate Surge

The gold price in Pakistan surged on Monday to its highest level in over three months. The All-Pakistan Gems and Jewellers Sarafa Association reported that 24-carat gold per tola reached Rs487,136 after a gain of Rs4,200. This brought the ten-gram gold rate to Rs417,640, up by Rs3,601 from previous levels.

The international rally driving this surge saw spot gold rise 1.5% to $4,673.20 per ounce by 1535 GMT, its highest level since May 14. US gold futures for December delivery advanced 1.1% to $4,730.40 an ounce, according to Reuters.

Market analysts attribute the rally to technical buying following the US Treasury's recent buyback announcement and a weaker dollar. Traders are positioning ahead of this week's key inflation data and the Jackson Hole Symposium, where attention will be focused on Fed Chair Kevin Warsh's debut speech.