Gold prices rebound in Pakistan amid global surge

Gold prices in Pakistan witnessed an upward trend on Tuesday following a two-day decline. According to the All Pakistan Gems and Jewellers Association, the price of gold per tola increased by Rs1,400, bringing it to Rs349,300.

Similarly, the price of 10 grams of gold rose by Rs1,200, reaching Rs299,468. The latest increase in gold prices comes after a drop of Rs3,600 per tola just a day earlier, when the price had fallen to Rs347,900.

The rise in domestic gold prices aligns with the trend in the international market, where gold prices also moved upward. Globally, gold recorded an increase of $14, bringing the international rate to $3,309 per ounce.

Jewellers attribute the fluctuation in gold prices to international market pressures and currency exchange dynamics. The frequent changes in gold prices have left both traders and buyers uncertain about short-term trends.

Earlier, the rates of 24 karat per tola gold witnessed a decrease of Rs3,600 on Tuesday and was sold at Rs347,900 against its sale at Rs351,500 on the previous trading day.

The rates of 10 grams of 24 karat also decreased by Rs3,086 to Rs298,268 from Rs301,354 whereas the price of 10 grams of 22 Karat came down by Rs2,829 to Rs273,422 from Rs276,251.

The rates of per tola silver and ten gram declined by Rs60 and Rs52 and were traded at Rs3,448 and Rs2,956 respectively.

The price of gold in the international market decreased by $36 to $3,295 from $3,331 whereas that of silver went down by $0.60 to $32.90 from $33.50, the Association reported.

Gold prices are closely watched in Pakistan due to their direct impact on jewellery trade, investment strategies, and the local economy. With the latest changes, analysts believe that gold prices could continue to experience volatility in the coming days.

Gold has long held a reputation as a symbol of wealth and a store of value. Beyond its traditional use in jewelry, the precious metal is widely regarded as a financial safe haven during times of economic uncertainty and geopolitical unrest.

In recent years, gold’s safe-haven status has been reaffirmed, as investors seek shelter from the storms of global economic and political instability.