Gold Price in Pakistan Jumps Rs4,300 After Three-Day Pause
KARACHI, PAKISTAN — WEB DESK: Gold prices rebounded sharply in Pakistan on Wednesday after a three-day pause, with the precious metal gaining Rs4,300 per tola as international bullion prices also moved higher.
The price of gold per tola increased by Rs4,300, reaching Rs441,636 in local bullion markets.
Similarly, the price of 10 grams of gold rose by Rs3,686 to settle at Rs378,631.
The rebound followed renewed strength in the international bullion market, where gold climbed $43 per ounce to reach $4,191 an ounce.
Global gold prices also edged higher on Wednesday as investors assessed the outlook for US interest rates and awaited key economic data that could influence the Federal Reserve’s next policy decisions.
Gold, which does not offer interest, is particularly sensitive to expectations surrounding US interest rates and Treasury yields. Lower rate expectations can support bullion by reducing the opportunity cost of holding the precious metal.
Silver prices also moved higher in both international and Pakistani markets.
International silver gained 20 cents to $61 per ounce, while the local price increased by Rs20 to Rs6,578 per tola.
The price of 10 grams of silver rose by Rs17 to Rs5,639.
Precious-metal markets have experienced considerable volatility in recent sessions as investors respond to changing expectations for US monetary policy, movements in the dollar and Treasury yields, and geopolitical developments.
Gold remains closely watched in Pakistan because domestic bullion prices are influenced by international market movements as well as local currency conditions.
With international bullion markets remaining volatile, traders will continue monitoring US economic data, Federal Reserve expectations and geopolitical developments for further direction in gold and silver prices.
