KARACHI: Gold prices in Pakistan registered a sharp increase on Monday after the United States and Iran announced a peace agreement mediated by Pakistan.
According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola jumped by Rs10,800 to Rs455,136, compared with Rs444,336 on the previous trading day.
Similarly, the price of 10 grams of 24-karat gold increased by Rs9,720 to Rs389,600 from Rs379,880, while 10 grams of 22-karat gold rose by Rs8,824 to Rs357,317 from Rs348,493.
In the international market, gold prices gained $108 per ounce, rising to $4,327 from $4,219.
Meanwhile, silver prices also moved higher. The price of silver per tola increased by Rs230 to Rs7,509 from Rs7,279, while the price of 10 grams of silver rose by Rs197 to Rs6,396 from Rs6,199.
In the global market, silver climbed $2.30 per ounce to $70.30 from $68.00.
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Earlier in the day, Prime Minister Shehbaz Sharif announced that Pakistan would host the signing ceremony of the US-Iran peace agreement in Geneva on June 19, describing the accord as a historic milestone for global peace and a victory for diplomacy.
Addressing the National Assembly, the prime minister said the agreement marked a major breakthrough in efforts to reduce tensions in the region.
“Today the world has witnessed that the pursuit of peace has achieved a great victory and the flames of war have begun to subside. This is a historic moment that historians will record in golden letters,” he said.
Market analysts said precious metal prices remained influenced by investor demand for safe-haven assets amid continued uncertainty surrounding geopolitical developments and global economic conditions.
They noted that investors are closely monitoring developments in the Middle East, including tensions involving Iran, Israel, and Lebanon, which continue to affect commodity and energy markets.
Analysts added that gold’s long-term outlook remains supported by its traditional role as a hedge against inflation, currency depreciation, and geopolitical risks, while ongoing volatility in global markets is expected to sustain investor interest in the precious metal.