Gold and silver prices continued their upward trend on Thursday, widening the gap between precious metals and consumer affordability.
The international bullion market saw gold rise by $79 per ounce to $5,012, prompting a surge in local rates.
In Pakistan, the price of one tola of gold increased by Rs7,900 to Rs523,962, while 10 grams rose by Rs6,773 to Rs449,212.
Silver prices also climbed, with one tola reaching Rs8,404, up Rs358, and 10 grams hitting Rs7,205, a gain of Rs205.
Spot gold rose 0.7% to $5,012.83 per ounce by 0634 GMT. US gold futures for April delivery were up 0.4% at $5,031.20.
Spot silver rose 2.7% to $79.24 per ounce after climbing more than 5% on Wednesday.
Spot platinum gained 1.4% to $2,100.45 per ounce, while palladium rose 1% to $1,733.45.
Furthermore, on Wednesday, the Pakistani rupee inched up 0.01% in the inter-bank market to close at 279.57 against the US dollar, strengthening by Rs0.03 from Tuesday’s 279.60, according to the SBP.
Meanwhile, gold prices in Pakistan rose, tracking a sharp recovery in the international market where bullion gained more than 2% as investors weighed geopolitical tensions and awaited the US Federal Reserve’s January meeting minutes.
Locally, gold per tola increased by Rs1,300 to Rs516,062, while 10-gram gold was sold at Rs442,439, up Rs1,114, according to the All-Pakistan Gems and Jewellers Sarafa Association. Silver also edged higher, rising Rs32 to Rs8,046 per tola. On Tuesday, gold had fallen sharply, with per-tola prices dropping Rs9,000 to Rs514,762.
Interactive Commodities Director Adnan Agar said the market was reacting to renewed fears of a US strike following stalled Iran-US negotiations. “Gold, silver, and platinum were all up due to reports suggesting the US may launch an attack in the coming days,” he noted.
Agar added that if conflict escalates, gold could reach record highs, while calm could trigger a downward correction.
Internationally, spot gold climbed 2.6% to $5,003.85 per ounce by 11:36 am ET, rebounding from a one-week low of $4,841.74 on Tuesday. Analysts are closely monitoring developments in the Middle East, the Fed’s minutes, and upcoming US economic data, including December’s PCE report, which could further influence gold and silver prices.
