Gold prices in Pakistan saw a sharp rise on Wednesday, tracking gains in the global market as investor sentiment shifted on easing geopolitical concerns and a weaker US dollar.
According to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola climbed to Rs494,062 after an increase of Rs15,300 during the day. Similarly, the price of 10-gram gold rose by Rs13,117 to reach Rs423,578.
The upward trend comes just a day after gold was recorded at Rs478,762 per tola on Tuesday, reflecting a steady climb in local bullion rates.
In the international market, gold prices also strengthened. The precious metal gained $153 to settle at $4,713 per ounce, including a premium of $20. Spot gold rose about one percent, reaching its highest level in nearly two weeks, while US gold futures also posted gains.
The rally in gold was largely supported by a softer US dollar, which fell around 0.4 percent. A weaker dollar typically makes gold more attractive for buyers using other currencies, boosting demand for the safe-haven asset.
Market sentiment was also influenced by comments from US President Donald Trump, who suggested that tensions linked to the Iran conflict could ease within weeks. His remarks helped improve overall risk appetite, though traders remained cautious about the long-term outlook.
Analysts noted that expectations of a possible de-escalation, along with improved global market confidence, played a role in pushing gold prices higher. However, they also warned that previous attempts at diplomatic progress have stalled, keeping uncertainty in the market.
Despite the recent rise, gold had previously faced pressure in March, when it dropped more than 11 percent, marking its steepest monthly decline in several years. That fall was linked to concerns over inflation and shifting expectations around interest rate policies.
Meanwhile, silver prices also moved up in the local market, increasing by Rs200 to Rs7,984 per tola.
Oil prices, on the other hand, remained firm as concerns over supply disruptions persisted despite hopes of easing tensions in the region. Traders continue to closely watch developments in the Middle East, as well as signals from global central banks, which are shaping the direction of precious metals in the coming days.
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