Gold prices in Pakistan moved higher on Friday, with the local market following another strong rise in international bullion rates.
The price of gold rose by Rs5,200 per tola to reach Rs477,136, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). The increase came a day after gold jumped Rs13,700 per tola to Rs471,936.
The price of 10-gram gold also gained Rs4,458, reaching Rs409,067.
The international gold rate increased by $52 to $4,547 per ounce, including a premium of $20. The rise in global prices has continued to support the local market, where gold has seen strong gains in recent sessions.
Silver prices also moved higher on Friday. The price of silver increased by Rs210 to Rs7,379 per tola.
Gold gains for third straight week in global market
Internationally, gold was heading for its third straight weekly gain as a weaker US dollar and changes in US Treasury debt buying supported demand for the precious metal.
Spot gold rose 0.4 percent to $4,537.41 per ounce by 0504 GMT after touching its highest level since early June in the previous session. It was up about 3.6 percent for the week. US gold futures also gained 0.5 percent to $4,593.90.
The weaker dollar made gold cheaper for buyers using other currencies, adding to demand across precious metals.
US Treasury Secretary Scott Bessent said the government could increase its purchases of Treasury securities. The Treasury has already announced plans to double its buybacks of longer-term debt to at least $4 billion per operation during the next quarter.
Investors are also watching the US Federal Reserve for clues on interest rates. Markets currently see a 63 percent chance of rates remaining unchanged next month, while a 37 percent chance is priced in for a rate hike.
Higher interest rates usually weigh on gold because the metal does not generate interest income. Any shift towards lower rates, however, could give bullion prices another boost.
Silver, platinum and palladium also posted gains in global markets and were on course for weekly increases.
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