Gold surges tracking global market gains

Gold prices in Pakistan increased on Monday, mirroring gains in the international market as investors awaited the US Federal Reserve's policy meeting. Expectations of an interest rate cut kept the dollar subdued, helping drive bullion demand. Domestically, gold per tola rose by Rs1,600 to Rs443,762, while the 10-gram rate reached Rs380,454, up Rs1,372, according to the All Pakistan Sarafa Gems and Jewellers Association (APGJSA). The uptick follows a recent dip, when gold fell to Rs442,162 on Saturday. Internationally, spot gold gained 0.4% to $4,214.41 per ounce, while US gold futures for February delivery held steady at $4,243.50 amid cautious market sentiment. Meanwhile, a simultaneous surge in gold and global equity markets, a correlation rarely observed in more than fifty years, has raised alarm among global monetary monitors, particularly the Bank for International Settlements (BIS).