Gold gains Rs13,900 per tola as international bullion prices jump by $139 to reach $4,035 per ounce following US mid-term election results.

Gold prices in Pakistan surged sharply on Wednesday, reaching Rs426,036 per tola following the reported defeat of US President Donald Trump’s party in the US mid-term elections.

According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold per tola increased by Rs13,900 from the previous day’s closing of Rs412,136 in local bullion markets.

Similarly, the price of 24-karat gold per 10 grams rose by Rs11,917 to Rs365,257, compared with Rs353,340 recorded on Tuesday.

Bullion market experts attributed the significant increase in domestic gold prices to a rally in international markets. They said the US mid-term election results, which dealt a setback to Trump’s party, boosted demand for the precious metal.

Market participants also linked the positive sentiment to expectations of easing tensions in the Middle East, which supported international bullion prices.

In the international market, gold prices increased by $139 per ounce to reach $4,035, compared with the previous closing of $3,896.

The sharp international rally translated into substantial gains in Pakistan’s domestic bullion market, pushing gold prices closer to the Rs430,000-per-tola mark.

Investors and jewellery buyers are closely monitoring international developments, as further movements in global bullion prices could influence domestic gold rates.