Gold prices moved sharply higher in Pakistan on Thursday, tracking a strong rise in the international market and renewed investor interest in the metal.
In the local market, the price of gold per tola climbed by Rs15,200 to reach Rs479,262. The rate for 10 grams also increased, rising by Rs13,031 to settle at Rs410,889, according to the All-Pakistan Gems and Jewellers Sarafa Association.
The latest increase comes a day after gold had already posted a notable gain. On Wednesday, the per tola rate rose by Rs16,300 to close at Rs464,062, showing a continued upward trend in domestic prices.
Global cues drive local market
The international market remained the main driver behind the surge. Gold prices jumped by $152 to reach $4,565 per ounce, including a premium of $20. Spot gold also recorded steady gains, rising around 1.6 percent during trading after briefly climbing more than 2 percent earlier in the session.
Analysts linked the rise to a softer US dollar, which made gold cheaper for buyers using other currencies. At the same time, a drop in oil prices helped ease fears of rising inflation and aggressive interest rate hikes, supporting demand for the metal.
Gold had recently fallen to a four month low of $4,097.99 earlier in the week, but the latest rebound suggests that buyers have returned to the market at lower levels.
Market watchers say investors remain cautious due to mixed signals on global political tensions. Statements from US President Donald Trump about possible progress in talks with Iran raised hopes, but Iran’s military later rejected the claim, adding uncertainty to the outlook.
Experts believe gold may remain sensitive in the near term to US monetary policy expectations, currency movements and geopolitical developments. However, the recent recovery indicates that demand could stay firm unless interest rates rise sharply.
Meanwhile, silver prices in Pakistan also followed the upward trend, increasing by Rs370 to reach Rs7,824 per tola.
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