Gold prices in Pakistan moved higher on Wednesday, tracking gains in the international market and adding to a volatile month for bullion buyers.
In the local market, the price of 24-carat gold rose by Rs1,300 to reach Rs541,262 per tola. The rate for 10 grams also increased by Rs1,114, settling at Rs464,044. The figures were shared by the All-Pakistan Gems and Jewellers Sarafa Association.
A day earlier, on Tuesday, gold had climbed by Rs3,400 to close at Rs539,962 per tola. The fresh increase means prices have once again crossed the Rs540,000 mark, keeping traders and customers on edge.
Silver also followed the upward trend. Its price rose by Rs268 to reach Rs9,554 per tola.
Global market supports rally
Internationally, gold prices edged up as investors looked for safer assets. Spot gold gained 0.8 percent to trade at $5,190.99 per ounce by 0841 GMT. US gold futures for April delivery were also higher at $5,210.40 per ounce.
The international rate used locally was reported at $5,185 per ounce, including a $20 premium, up by $13 during the day.
Market analysts linked the rise to a softer US dollar and growing global uncertainty. The US dollar index slipped slightly, making gold cheaper for holders of other currencies. Ongoing concerns over US tariff policy and rising tensions between Washington and Tehran have also supported demand for gold, which is often seen as a safe investment during uncertain times.
A turbulent February for buyers
Gold prices have seen sharp swings throughout February.
At the start of the month, on February 2, the per tola rate stood at Rs490,362 after a steep fall of Rs21,500 in a single day. Just a day later, on February 3, it jumped by Rs24,000 to Rs514,362. Another strong rise on February 4 pushed the price to Rs529,162.
The market then faced fresh ups and downs. On February 6, prices dropped by Rs21,400 to Rs507,762. By February 7, they had rebounded sharply to Rs519,462.
Mid-month trading remained unstable. On February 13, gold fell to Rs519,962 after a decline of Rs8,600. The very next day, February 14, it surged by Rs7,000 to Rs526,962.
In the past week alone, the rate has climbed steadily. From Rs516,062 on February 18, it rose to Rs523,962 on February 19, then to Rs526,462 on February 20, and Rs533,562 on February 21. The upward trend continued on February 23 and 24, before reaching Rs541,262 on Wednesday.
Traders say customers remain cautious due to high prices, but many are still buying in small quantities, fearing further increases if global uncertainty continues.
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