Gold prices moved up in Pakistan on Thursday, following gains in the international market and renewed demand for the precious metal.
In the local market, the price of gold per tola climbed by Rs7,900 to reach Rs523,962. The rate for 10 grams also increased by Rs6,773, taking it to Rs449,212, according to figures released by the All Pakistan Gems and Jewellers Sarafa Association.
A day earlier, on Wednesday, gold had risen by Rs1,300 per tola to settle at Rs516,062, showing a continued upward trend this week.
Silver prices also followed the same direction. The price of silver rose by Rs358 per tola, reaching Rs8,404 in the local market.
Global market supports prices
In the international market, gold prices recorded a notable rise. The global rate increased by $79 to reach $5,012 per ounce, including a premium of $20.
Spot gold gained 0.5 percent to trade at $5,004.47 per ounce, while US gold futures for April delivery rose 0.3 percent to $5,025.10.
Market analysts linked the rise to ongoing geopolitical tensions between the US and Iran, which pushed investors towards gold as a safer option during uncertain times. Concerns over the Middle East situation continued to support demand for the metal.
At the same time, investors remained focused on the US Federal Reserve’s policy outlook. Minutes from the Fed’s January meeting showed policymakers broadly agreed to keep interest rates unchanged for now. However, views differed on the next move, with some open to rate increases if inflation stays high, while others may support cuts if price pressures ease. Gold usually performs better when interest rates remain low because it does not offer any yield.
Rates during February
Gold prices in Pakistan have seen strong fluctuations throughout February. The month began with a sharp fall, followed by a quick rebound and several ups and downs afterwards.
On February 2, gold dropped sharply to Rs490,362 per tola, before jumping to Rs514,362 on February 3. Prices continued to rise and reached Rs529,162 on February 4. A few days later, on February 6, gold fell again to Rs507,762, but recovered to Rs519,462 on February 7.
The upward trend continued as prices touched Rs524,762 on February 9 and Rs526,262 on February 10. Gold reached Rs528,562 on February 11 and stayed unchanged the next day. However, the market turned lower on February 13, when prices fell to Rs519,962.
Gold rebounded to Rs526,962 on February 14, before slipping to Rs523,762 on February 16. Another sharp drop followed on February 17, when gold fell to Rs514,762, highlighting the volatile nature of the market this month.
