On Friday, the gold rate in Pakistan maintained its impressive upward trend, mirroring movements in the global precious metals market.
The price of gold reached its highest point in over a month, influenced by recent US employment data indicating a weakening labor market. This development has raised hopes for a potential interest rate cut by the Federal Reserve in September.
According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), The price of 24-carat gold jumped by Rs2,000 per tola and Rs1,740 per 10 grams, reaching Rs246,400 and Rs211,247, respectively.
The association noted that the price of gold in Pakistan is currently Rs3,500 per tola lower than in Dubai, indicating that the Pakistani gold market is presently cheaper than the global market.
Silver prices in Pakistan gained Rs50 per tola and Rs42.87 per 10 grams to settle at Rs2,900 and Rs2,486.28, respectively.
In global markets, the price of spot gold rose by 1.3% to reach $2,385.63 per ounce. Bullion has seen a weekly increase of over 2% thus far.
"Gold is trading at one-month highs as lower payroll revisions and yet another uptick in the unemployment rate help 'cement' a September rate cut," said Tai Wong, a New York-based independent metals trader.
"Bulls are eyeing a return to $2,450 all-time highs if the Fed starts openly hinting at September," he added.
