ISLAMABAD: Amid the possible rate cut in the US followed by the increased interest of Chinese investors for the 2nd time in the last two months, the gold price jumped to the highest level again in the international market, affecting the local markets.
As a result, the per tola price in the local bullion market in Pakistan went up by Rs3100 in a single day on Saturday to reach Rs248,100 per tola.
Meanwhile, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the rates for the 10 grams of the precious metal increased by Rs2,658 to settle at Rs212,706.
Meanwhile, the price of the per tola silver witnessed an increase of Rs120 to settle at Rs2,850 per tola.
It is worth mentioning here that last month, after a rapid increase in the international market, the par tola price of gold in the local market reached a record high of Rs252,200 per tola.
Gold Price in International Market
The increase in the local market was due to the rapid increase in the price of gold in the international market, where the price of the precious metal went up by $30 to settle at $2,414 per ounce.
Earlier during the last several months, the international market observed a historic record high a number of times including the latest one where the rates for the yellow plates once surpassed $2430 per ounce.
The international market for the yellow plates remained highly volatile recently due to a number of reasons including investment from the Chinese investors (two months before) as their stock market went down and they turned to invest in the safe haven.
Meanwhile, a number of private banks in the US also chose to invest in the yellow metal taking its price first above $2300 and then even above $2400 per ounce.
During the last couple of weeks, the price of gold in the international market witnessed a major upward trajectory that affected most of the gold markets across the globe. After a major hawkish rally, its price increased by over $260 per ounce during the last six to seven weeks. The Price for the yellow metal then went down to $2300 a couple of weeks before.
However, after a continues increase during the last couple of weeks, followed by the involvement of Chinese investors price of the precious metal jumped again passed $2400 per ounce.
