Gold up Rs1,200, global market flat

Gold prices in Pakistan rose on Monday even though the international market showed little movement, according to The Express Tribune. A tola of gold now costs Rs437,536 after a Rs1,200 increase, based on rates from the All-Pakistan Gems and Jewellers Sarafa Association. The 10-gram price climbed Rs1,029 to Rs375,116, recovering from a Rs4,300 drop per tola on Saturday.

International prices were broadly steady as a firmer US dollar and high Treasury yields were offset by lower bets on a Federal Reserve rate hike this month. Spot gold slipped 0.1% to $4,137.79 an ounce, while December futures gained 0.1% to $4,166, according to Reuters.

Recent US economic data largely missed forecasts, which has eased expectations of further tightening, with traders now pricing a 22% chance of an October hike and 84% for December. Market participants are waiting for the September Federal Open Market Committee minutes on Wednesday. Silver also rose Rs66 per tola to Rs6,588 in Pakistan, a fresh all-time high, while the rupee closed at 277.06 against the dollar.