Gold prices in Pakistan climbed on Friday, with the local market following a rise in international bullion prices.
The price of gold increased by Rs4,700 per tola to reach Rs453,036, according to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10-gram gold also rose by Rs4,029 to Rs388,404.
The latest increase came a day after gold recorded a sharp decline. On Thursday, the price of gold had fallen by Rs5,600 per tola to Rs448,336.
The international price of gold also moved higher on Friday. The rate quoted for the local market increased by $47 to $4,305 per ounce.
Silver prices followed the same direction, rising by Rs126 to Rs6,963 per tola in Pakistan.
Gold prices remain under pressure globally
In the international market, spot gold was up 0.6 percent at around $4,303.19 per ounce by 1210 GMT. Despite Friday’s recovery, gold remained on track for a weekly decline of about 1.7 percent.
US gold futures also gained around 1 percent to $4,339 an ounce.
Higher US Treasury yields and expectations of further interest rate increases by the Federal Reserve have kept pressure on gold. Higher interest rates can reduce demand for gold because investors have more incentive to hold assets that offer returns.
Gold received some support from weaker oil prices and a softer US dollar. The dollar fell about 0.3 percent, making gold cheaper for buyers using other currencies.
Markets were also watching talks between US and Iranian officials in New York, with discussions reportedly focused on reopening the Strait of Hormuz and easing US economic restrictions on Iran.
Analysts said a possible agreement could ease oil supply concerns and provide some support to gold.
Meanwhile, demand for gold in India picked up modestly as lower prices attracted buyers ahead of the country’s festive season.
Other precious metals also moved higher on Friday. Spot silver rose 1.4 percent to $64.82 an ounce, while platinum gained 1.7 percent to $1,777.38. Palladium, however, fell 0.4 percent to $1,269.77.