Gold rebounds in Pakistan, jumps Rs2,400 per tola

Mettis Global reported that domestic 24-karat gold rose Rs2,400 on Monday, November 02, to Rs412,136 per tola. The 10-gram rate climbed Rs2,058 to Rs353,340, while 22-karat gold was quoted at Rs323,906 per 10 grams, based on figures from the All-Pakistan Gems and Jewelers Sarafa Association.

Silver also advanced, with 24-karat metal reaching Rs5,488 per tola, a Rs100 increase, and Rs4,705 per 10 grams, up Rs86. Abroad, spot gold was near $3,998 an ounce, gaining 0.61% as it recovered from Friday’s 3.5% fall. Lower oil prices amid hopes for progress in Iran diplomacy eased inflation concerns, while investors considered calls by three Federal Reserve officials for more rate hikes and awaited the November 3 US midterm elections.