Gold prices in Pakistan continued their upward trend on Wednesday, with 24-karat gold reaching Rs443,062 per tola, up Rs1,200 from the previous session. The price of 24-karat gold per 10 grams also rose, closing at Rs379,854 after a gain of Rs1,029, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Meanwhile, 22-karat gold recorded higher rates as well, trading at Rs348,212 per 10 grams.
Silver prices saw a historic jump in the local market, hitting an all-time high. The precious metal was sold at Rs6,367 per tola, marking a Rs265 increase, while the 10-gram rate rose by Rs227 to Rs5,458.
Despite the rise in local prices, gold remained slightly lower in the global market. Spot gold was trading near $4,196 an ounce, down $14 or 0.33 percent from the previous session.
Traders say the local surge is driven by strong demand in Pakistan, even as international rates show minor declines. Analysts suggest investors are turning to gold and silver as safe-haven assets amid economic uncertainties.
Global prices
International bullion prices also edged lower, with spot gold slipping by $12 to trade at $4,207 per ounce, including a $20 premium. Investors were said to be cautious ahead of Federal Reserve Chair Jerome Powell’s remarks, as the US central bank was widely expected to announce an interest rate cut later in the day.
US gold futures for February delivery were down 0.1 percent at $4,233.30 per ounce.
Silver, however, continued its strong rally. The metal rose by Rs265 in the local market to hit Rs6,367 per tola, in line with its surge on the global stage where it climbed 1.1 percent to $61.34 per ounce after touching a record $61.61.
Analysts say silver’s sharp climb is tied to rising industrial demand and tighter supply. The gold-to-silver ratio has narrowed significantly in recent months, reflecting silver’s faster gains. In October, it took 82 ounces of silver to buy one ounce of gold; today, that figure has dropped close to 69.
Industry experts note that sectors such as solar power, electric vehicles, data centres and artificial intelligence are expected to keep silver demand high through 2030, according to a recent report from the Silver Institute.
Jewellers in the local market expect price movements to remain sensitive to global cues, especially as investors look for clearer signals from the US Federal Reserve on future interest rate cuts.
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