Gold prices in Pakistan moved higher on Saturday, mirroring gains in the international market and reversing part of Friday’s decline.
In the local bullion market, the price of gold rose by Rs1,300 to reach Rs456,162 per tola. The price of 10-gram gold also increased, climbing by Rs1,115 to Rs391,085, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association.
The rise came a day after gold had slipped in the domestic market. On Friday, the price per tola had fallen by Rs900 to settle at Rs454,862, reflecting a brief pullback in global prices.
Global cues lift sentiment
Internationally, gold prices edged higher as investors continued to bet on possible interest rate cuts by the US Federal Reserve in the coming months. The global gold rate increased by $13 to $4,338 per ounce, including a premium of $20.
Spot gold was trading around $4,347 per ounce in the afternoon, posting a weekly gain of about 1.1 percent. US gold futures also closed higher, supporting the positive tone across markets.
Market watchers say expectations of easier monetary policy have kept demand for precious metals strong, as lower interest rates tend to reduce the opportunity cost of holding gold.
Silver shines brighter
Silver also saw strong movement, both locally and internationally. In Pakistan, the price of silver increased by Rs139 to reach Rs6,987 per tola.
In global markets, silver surged to a record high on Friday, driven by strong investment demand and tight supply. Spot silver rose to as high as $67.45 per ounce during the session and ended the week up more than 8 percent.
Analysts note that silver has outperformed gold this year. Prices have reportedly jumped by more than 130 percent so far, compared to gold’s rise of around 65 percent. According to market experts, silver has been leading recent rallies, with gold often following its direction in the short term.
For now, the upward trend in international markets appears to be supporting prices at home, keeping local investors and buyers closely tied to global developments.
