Gold prices rebound; rise by Rs1,600/tola

Gold prices in Pakistan rebounded on Wednesday, driven by a rise in international markets following two sessions of decline. The local price of gold climbed by Rs1,600 per tola, reaching Rs275,900, according to the All Pakistan Sarafa Gems and Jewellers Association. The recovery mirrors global trends, where gold prices rose 0.8% to $2,653.20 per ounce by 1245 GMT, supported by a weaker dollar and increased speculation of a December rate cut by the US Federal Reserve. US gold futures also rose 1.2% to $2,653.10. Adnan Agar, Director of Interactive Commodities, explained the trend: "In the last two days, gold rose by almost $100, so a pullback was expected as gold remains in an overall bullish trend. Investors often see dips as buying opportunities." Gold prices had recently dropped sharply, marking their steepest decline in over five months following the Israel-Lebanon ceasefire. However, the dollar index fell 0.6% on Wednesday, making gold more attractive for investors outside the US Market expectations for a December rate cut rose to 66%, up from 55.7%, driven by Federal Reserve minutes highlighting economic uncertainties.