Gold prices moved higher in Pakistan on Wednesday, while silver rates declined in the local market.
According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold rose to Rs455,236 per tola, up Rs100 in a single day.
The rate of 24-karat gold per 10 grams increased by Rs84 to Rs389,684. Meanwhile, 22-karat gold was also quoted higher at Rs357,394 per 10 grams.
In contrast, silver prices eased. The 24-karat silver rate fell to Rs7,497 per tola, down Rs12, while the 10-gram price dropped by Rs11 to Rs6,385.
Global market pressure keeps gold in focus
In the international market, gold prices were largely stable with a slight downward bias as traders looked ahead to key signals from the US Federal Reserve.
Spot gold was recorded at around $4,323.50 per ounce at 0852 GMT after touching $4,327 earlier, showing a marginal decline. US gold futures also slipped about 0.3 percent to $4,342.40.
Market attention is centred on the Federal Reserve’s policy decision and comments expected from its new chair Kevin Warsh, with investors looking for clues on the direction of interest rates. Analysts said markets are likely to react strongly to any change in tone.
Some support for gold has come from easing geopolitical tension after early signs of a US and Iran peace understanding. The agreement has reduced immediate uncertainty, although investors remain cautious about its long term impact.
Saxo Bank analyst Ole Hansen noted that traders are closely watching signals from the Federal Open Market Committee meeting, as expectations around interest rates continue to guide gold movement.
On the technical side, analysts at Standard Chartered said gold has come under pressure after slipping below a key long term support level, though recent developments could help stabilise prices in the near term.
Other precious metals also moved lower. Silver dropped 0.8 percent to $69.59 per ounce. Platinum declined 1.1 percent to $1,784.85, while palladium fell 0.6 percent to $1,344.21.
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