Gold and silver prices recorded a significant increase on Wednesday in Pakistan, following a surge in the international market by $153 per ounce, reaching $4,713.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold prices in the country increased by Rs15,300 per tola, reaching Rs494,062, while the price of 10 grams of gold rose by Rs13,117 to Rs423,578.
The statement also noted that silver prices saw an upward trend, rising by Rs200 to reach Rs7,984, while the price of 10 grams of silver increased by Rs171, settling at Rs6,844. In the global market, silver prices reached $75 per ounce.
Globally, spot gold rose 1% to $4,717.82 per ounce by 0712 GMT, its highest level since March 20. US gold futures for April delivery gained 1.4% to $4,744.30.
Spot silver fell 0.1% to $75 per ounce, platinum gained 1.4% to $1,975.74, and palladium was up 1% at $1,487.26.
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Earlier on Tuesday, gold prices in Pakistan rose in line with gains in the international market, though the metal remains on track for its steepest monthly decline since October 2008 amid inflation concerns and expectations of higher interest rates due to the Iran war.
In the local market, gold per tola increased by Rs2,800 to Rs478,762, while the rate for 10 grams rose by Rs2,401 to Rs410,461, according to the All-Pakistan Gems and Jewellers Sarafa Association. The increase follows Monday’s rise of Rs3,900, highlighting continued volatility.
Spot gold climbed 2.2% to $4,608.16 per ounce, hitting its highest level since March 20, while US futures gained 1.8% to $4,639. Despite the uptick, gold remains under monthly pressure as higher rate expectations dampen demand for the non-yielding asset.
