Gold prices moved higher in Pakistan on Wednesday, tracking gains in the international market as global economic signals pushed investors towards safe-haven assets.
In the local market, the price of gold per tola rose by Rs2,300 to reach Rs582,562. The rate for 10 grams also increased by Rs1,972, closing at Rs453,156, according to figures shared by the All-Pakistan Gems and Jewellers Sarafa Association.
A day earlier, gold had already recorded an increase, with the per-tola rate reported at Rs526,262 after gaining Rs1,500 during Tuesday’s session.
Silver prices also followed the upward trend. The metal climbed by Rs120 to reach Rs8,735 per tola in the domestic market.
Global trend supports prices
In the international market, gold prices strengthened as the US dollar and Treasury bond yields moved lower after fresh data showed retail sales growth stalled in December. The slowdown pointed to a softer economy ahead of the release of key employment figures later in the day.
Spot gold was around 0.7 percent higher at about $5,056 per ounce, while US gold futures for April delivery rose roughly 1 percent to near $5,081 per ounce. Spot silver gained about 2.2 percent to trade close to $82 per ounce, recovering from losses in the previous session.
Analysts said falling bond yields tend to support gold because the metal does not offer interest, making it more attractive when returns on other assets drop. Recent economic data has also raised expectations that the US Federal Reserve may consider deeper interest rate cuts if the slowdown continues.
Investors are now watching upcoming US jobs data for clearer signals about the economic outlook and the likely path of interest rates in the coming months.
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