Pakistan Gold Prices Hit New High After Global Rally
News Desk
Karachi: Gold prices in Pakistan witnessed a significant increase on Monday, following a recovery in international bullion markets amid easing geopolitical tensions between the United States and Iran.
The All-Pakistan Gems and Jewellers Sarafa Association reported that the price of 24-carat gold rose by Rs4,000 per tola to Rs431,736. Meanwhile, the price of 10 grams of gold increased by Rs3,430, reaching Rs370,144.
The latest surge followed a modest gain recorded on Saturday, when gold prices closed at Rs427,736 per tola after rising by Rs300.
Internationally, gold prices also moved upward, with spot gold increasing 0.9% to $4,090.79 per ounce, while US gold futures for August delivery climbed to $4,093 per ounce.
Market experts attributed the upward trend to a weaker US dollar, which improved gold’s appeal for international investors. The decline in the dollar index made bullion more affordable for buyers using other currencies, supporting demand for the precious metal.
The rise in gold prices came as global oil markets saw a sharp decline after a temporary pause in US-Iran hostilities reduced concerns over potential supply disruptions. Brent crude prices fell more than 8%, easing inflation worries ahead of the US Federal Reserve’s upcoming monetary policy decision.
Analysts said investors are closely watching signals from the Federal Reserve, as any changes in interest rate expectations could influence gold prices in the coming days.
In the local market, silver prices also increased by Rs100, reaching Rs6,397 per tola, according to the jewellers’ association.
Traders said the latest increase in domestic gold rates was mainly driven by international price movements rather than a major rise in local demand. They added that future prices would depend on global market trends, currency fluctuations, and geopolitical developments.
Meanwhile, the Pakistani rupee remained stable against the US dollar, closing at 277.86, compared with Friday’s closing rate of 277.87. Additional input from Express Tribune.
