Gold and silver prices in Pakistan saw a notable increase on Wednesday following a surge in the international market, where gold rose by $153 per ounce to $4,713.
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that gold in the country went up by Rs15,300 per tola, reaching Rs494,062. The price of 10 grams of gold increased by Rs13,117 to Rs423,578.
Silver also trended upward, rising by Rs200 to Rs7,984, while 10 grams of silver went up by Rs171 to Rs6,844. In the global market, silver reached $75 per ounce.
Globally, spot gold increased by one percent to $4,717.82 per ounce by 0712 GMT, marking its highest level since March 20. US gold futures for April delivery gained 1.4 percent to $4,744.30. Spot silver fell slightly to $75 per ounce, while platinum rose 1.4 percent to $1,975.74 and palladium increased one percent to $1,487.26.
Read Also: LPG price rises by 20 rupees per kg
On Tuesday, gold prices in Pakistan had also risen following international trends, 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 went up by Rs2,800 to Rs478,762, while the rate for 10 grams rose by Rs2,401 to Rs410,461, according to APGJSA. This followed Monday’s increase of Rs3,900, showing continued market volatility.
Spot gold climbed 2.2 percent to $4,608.16 per ounce, reaching its highest level since March 20, while US futures gained 1.8 percent to $4,639. Despite the recent gains, gold remains under monthly pressure as expectations of higher interest rates reduce demand for this non-yielding asset.