Gold prices rose sharply across Pakistan on Monday, tracking gains in the international market as the precious metal recovered from recent losses.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold increased by Rs4,643 per tola to reach Rs442,636. The rate for 10 grams of gold also moved higher by Rs4,179, settling at Rs378,345.
The latest increase comes after a relatively quiet session on Saturday when gold prices slipped by Rs43 per tola to Rs437,993.
In the international market, gold prices gained $46 per ounce, taking the rate to $4,202, including a premium of $20. The rise in global prices provided support to local rates, which generally follow international trends and exchange rate movements.
Silver also posted strong gains in the domestic market. The price of silver rose by Rs189 per tola to reach Rs7,151.
Global market rebounds
Internationally, gold recovered after falling to its lowest level in more than a week. Investors returned to the metal as markets reacted to developments surrounding talks between the United States and Iran.
Reports from Switzerland indicated progress in discussions between senior officials from both countries. An Iranian foreign ministry spokesperson said the talks had moved forward positively, while mediating countries Qatar and Pakistan announced that both sides had agreed on a roadmap aimed at reaching a final agreement within 60 days.
The easing of geopolitical tensions also pushed oil prices lower, with Brent crude falling more than 1 percent during trading.
Market analysts said investors remain focused on geopolitical developments, although expectations of higher US interest rates continue to limit gold’s upside potential. Gold is often viewed as a safe-haven asset during periods of uncertainty, but higher interest rates can reduce its appeal because the metal does not provide any yield.
Meanwhile, traders have increased their expectations that the US Federal Reserve could raise interest rates later this year after policymakers signalled continued concern over inflation.
Other precious metals also recorded gains in international trading. Silver rose 2 percent, while platinum and palladium moved higher as well.
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