Gold rates in Pakistan moved higher on Wednesday, tracking gains in the international market, while silver surged to a fresh record, adding to growing interest among local buyers and investors.
In the domestic market, the price of gold rose by Rs2,700 per tola to reach Rs453,562. The rate for 10 grams of gold also climbed, increasing by Rs2,315 to settle at Rs388,856, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association.
The rise followed a volatile previous session. On Tuesday, gold prices had slipped sharply, with the per tola rate falling by Rs4,000 to Rs450,862, reflecting short-term profit-taking after recent highs.
Internationally, gold prices strengthened as well. The global rate increased by $27 to $4,312 per ounce, including a premium of $20, as investors reacted to signs of easing pressure in the US labour market.
Silver, however, stole the spotlight. In Pakistan, silver prices jumped by Rs290 per tola to hit Rs6,822, marking an all-time high. The rally mirrored a strong surge in global markets, where silver crossed $65 an ounce for the first time.
Spot silver rose more than 3 percent to $65.91 an ounce, after touching a record high of $66.52 earlier in the session. Analysts linked the sharp move to tight supply, strong industrial demand and growing speculative interest, particularly tied to green energy projects where silver plays a key role.
Gold also edged higher globally, supported by expectations that the US Federal Reserve may cut interest rates next year. Softer-than-expected US jobs data and rising economic uncertainty have kept demand firm for safe-haven assets.
Market participants are now closely watching key US inflation figures due later this week, which are expected to shape near-term direction for precious metals.
