KARACHI: Gold prices in Pakistan rose sharply on Saturday, August 22, in line with a strong rally in international bullion prices amid continued geopolitical uncertainty.
According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold increased by Rs5,700 per tola, reaching Rs482,936, compared with Rs477,136 in the previous session.
The price of 24-karat gold per 10 grams also rose by Rs4,972 to Rs414,039, from Rs409,067 previously.
In the international market, gold prices climbed by $57 per ounce to $4,604, compared with $4,547 in the previous session, according to the association.
Silver Prices
Silver prices remained unchanged in the local market at Rs7,379 per tola.
Geopolitical Uncertainty
Investors continued to closely monitor developments in the Middle East as Iran and the United States remained at odds over efforts to reach a permanent end to the conflict in the Gulf.
The United States and Iran exchanged defiant messages ahead of Monday’s scheduled announcement of new US economic sanctions that could affect the Islamic Republic and its key trading partners, including China.
US, Iran keep up hostile rhetoric ahead of new sanctions
As the war approached its six-month mark, the two sides were neither exchanging fire nor pursuing peace talks.
Meanwhile, oil shipments through the Strait of Hormuz had virtually halted as Tehran sought to maintain leverage by threatening to strike unauthorised oil tankers attempting to pass through the narrow waterway.