Gold Prices Surge in Pakistan Amidst International Market Gains

On Wednesday, gold prices in Pakistan experienced an upswing, mirroring the positive trend observed in the global market. The price of gold per tola in the local market reached Rs349,400, marking an increase of Rs6,600 during the day’s trading.

Similarly, the price of 10-gram gold rose by Rs5,659 to reach Rs299,554, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On the preceding day, Tuesday, the price of gold per tola had reached Rs342,800 after an increase of Rs300 during the day.

The international gold rate also saw a significant rise on Wednesday, reaching $3,310 per ounce (including a premium of $20), reflecting a gain of $66, as reported by APGJSA.

Concurrently, the price of silver per tola increased by Rs56, settling at Rs3,466.

Globally, gold prices saw modest gains on Tuesday, supported by a weaker dollar, as investors kept an eye on developments in Russia-Ukraine discussions and US trade policies. Spot gold increased by 0.2% to $3,236.94 an ounce as of 1102 GMT. US gold futures also rose by 0.2% to $3,239.40.

The dollar index experienced a 0.2% decline against other currencies, which made gold more affordable for those holding other currencies. According to Ricardo Evangelista, a senior analyst at ActivTrades, the primary focus of traders in the gold market is the optimism surrounding US-China trade relations and renewed hopes for advancement toward peace in the Russia-Ukraine conflict.