KARACHI: Gold prices continued to rise in both international and local markets on Tuesday, while silver rates remained steady.
In the international bullion market, gold increased by $15 per ounce, reaching $5,035. Locally, the price of gold per tola went up by Rs1,500 to Rs526,262. The rate for 10 grams of gold also climbed by Rs1,286 to Rs451,184.
Silver prices, however, remained unchanged. The rate per tola stayed at Rs8,615, while 10 grams of silver held steady at Rs7,385.
Spot gold fell 0.8 percent to $5,022.57 per ounce by 0524 GMT, after gaining 2 percent on Monday as the dollar dropped to its lowest level in over a week. Gold had reached a record high of $5,594.82 on January 29.
US gold futures for April delivery declined 0.7 percent to $5,044.80 per ounce. Spot silver fell 2.8 percent to $81.08 per ounce after nearly a 7 percent rise in the previous session. It had hit an all-time high of $121.64 on January 29.
Spot platinum dropped 2.3 percent to $2,075.18 per ounce, while palladium lost 1.3 percent to $1,718.37.
Earlier on Monday, gold per tola in the local market had risen by Rs5,300 to close at Rs524,762, according to the All-Pakistan Gems and Jewellers Sarafa Association. The price of 10 grams of gold increased by Rs4,544 to Rs449,898. On Saturday, gold per tola had surged by Rs11,700 to Rs519,462. Silver also moved higher, gaining Rs346 to reach Rs8,615 per tola.
Adnan Agar, Director at Interactive Commodities, said gold remained range-bound despite recent volatility. He noted that gold touched a low near $4,960 and a high around $5,080 during the day, and the market later hovered near $5,066. “Prices largely consolidated between $4,800 and $5,100 in recent sessions,” he added.
He also emphasised that the upcoming US non-farm payrolls data would be a key factor in market direction, while geopolitical developments, especially involving Iran, could influence prices. “Unless gold sustains above $5,200, it may remain range bound, but a drop below $4,800 could trigger fresh downside,” Agar said.