Gold prices in Pakistan moved higher on Thursday, recovering part of the losses recorded in the previous session, as the local market tracked gains in the international bullion market.
According to the latest rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs5,000 to settle at Rs475,362. Similarly, the price of 10-gram gold increased by Rs4,287 to reach Rs407,546.
A day earlier, gold had slipped sharply, with the per tola rate falling by Rs6,800 to close at Rs470,362 on Wednesday, reflecting volatility in both domestic and global markets.
In the international market, gold prices also showed movement in both directions during the day. The metal rose by $50 to reach $4,530 per ounce, including a $20 premium. However, spot gold later eased slightly, slipping 0.5 percent to $4,520.12 per ounce as of 0800 GMT. US gold futures for June delivery also fell 0.3 percent to $4,521.20.
The US dollar gained around 0.2 percent, making gold more expensive for buyers using other currencies. At the same time, higher US Treasury yields continued to put pressure on the precious metal, which does not offer any return.
Market analysts said expectations around inflation, stronger yields and a firm dollar were keeping gold under pressure. However, ongoing geopolitical uncertainty has helped limit deeper losses.
“Inflation expectations, rising yields, and the stronger dollar are the headwinds keeping gold prices under pressure. These factors will continue until there is clarity on how long the conflict will persist,” said ANZ analyst Soni Kumari.
Gold has fallen more than 14 percent since tensions escalated in late February, as investors tend to move away from non-yielding assets when interest rates are expected to stay high.
On the geopolitical front, Iran said it was reviewing Washington’s latest position on ending the conflict, after US President Donald Trump indicated he was willing to wait a few days to receive “the right answers” from Tehran.
Meanwhile, silver prices also climbed in the local market, rising Rs60 per tola to reach Rs8,034.
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