Gold prices in Pakistan climbed again on Thursday, tracking gains in the international market and adding to a sharp rally seen earlier in the week.
In the local market, gold price per tola rose by Rs2,200 to settle at Rs455,762, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association. The price of 10-gram gold also moved higher, increasing by Rs1,800 to Rs390,742.
The latest increase followed a strong session on Wednesday, when gold gained Rs2,700 per tola to close at Rs453,562. Jewellers said buying interest remained firm as international prices stayed elevated and investors continued to look for safe options amid global uncertainty.
Silver prices also moved up in the local market. The rate of silver increased by Rs78 to reach Rs6,900 per tola, reflecting strength in the global silver market.
Global market trend
Internationally, gold prices held near record levels on Thursday as traders weighed signals from the US Federal Reserve against a stronger dollar and awaited fresh inflation data. Spot gold slipped slightly by 0.2 percent to $4,333.12 per ounce in early trading, after jumping more than 1 percent late on Wednesday.
US gold futures were also marginally lower at $4,363.60 an ounce.
The dollar index remained firm after touching a near one-week high, which limited further upside in gold prices. A stronger dollar often makes gold more expensive for buyers using other currencies.
Silver, however, continued to shine. Spot silver edged up to $66.36 an ounce, staying close to its recent record high of $66.88. The metal has surged about 130 percent so far this year, far outpacing gold’s roughly 65 percent rise. Analysts link silver’s strong run to solid industrial demand, steady investor interest and tightening global supplies.
Some market watchers believe silver could test the $70-per-ounce level next year if US interest rate cuts continue to support demand for precious metals.
Gold and silver have found support from expectations of lower interest rates in the US. Federal Reserve Governor Christopher Waller recently said the central bank could still cut rates as the labour market cools.
Data released earlier this week showed the US unemployment rate rising to 4.6 percent in November, the highest level since September 2021.
