Gold prices saw a notable increase on Saturday, February 14, following strong gains in both international and local markets.
In the global bullion market, gold climbed $70 per ounce to reach $5,042. In Pakistan, the price of gold per tola jumped by Rs7,000 to Rs526,962. Meanwhile, 10-gramme gold increased by Rs6,001, reaching Rs451,784.
Silver, however, showed a mild decline. The price per tola fell by Rs105 to Rs8,219, while the 10-gramme rate dropped by Rs90 to Rs7,046. These movements highlight a clear upward trend in gold, while silver remains under pressure.
The surge follows a dip in prices on Friday. In line with losses in the international market, local gold rates fell, with the price per tola dropping by Rs8,600 to Rs519,962. The 10-gramme rate decreased by Rs7,373 to Rs445,783, according to the All-Pakistan Gems and Jewellers Sarafa Association.
Global gold prices rose more than 2 per cent on Friday and were set for a weekly gain after U.S. inflation data for January came in below expectations. Spot gold reached $5,022.06 per ounce, while U.S. gold futures for April delivery settled at $5,046.30 per ounce. Analysts said the lower-than-expected inflation raised hopes that the Federal Reserve might cut interest rates later this year, easing earlier concerns from stronger jobs data.
Tai Wong, an independent metals trader, described the gains as a “relief rally” for gold and silver, following a mild January inflation report that eased market nerves. Silver also recovered slightly in international markets, climbing 3.4 per cent to $77.70 per ounce after an 11 per cent drop in the previous session.
The US Consumer Price Index rose 0.2 per cent in January, below economists’ forecast of 0.3 per cent, after a 0.3 per cent gain in December. This shows that inflation pressure is easing, supporting gold’s safe-haven appeal.
