Gold prices in Pakistan increased on Wednesday, ending a two-day decline as international bullion markets moved higher. The recovery came amid growing geopolitical uncertainty and changing expectations regarding United States monetary policy.
According to the All-Pakistan Gems and Jewellers’ Sarafa Association, the price of 24-karat gold rose by Rs. 800 per tola. Consequently, the new rate reached Rs. 462,936 per tola in local markets.
The price of 10 grams of gold also recorded an increase. It climbed by Rs. 686 to reach Rs. 396,893. However, Wednesday’s gains recovered only part of the losses recorded during the previous two trading sessions.
Local Market Recovers After Two-Day Decline
Gold prices had fallen sharply earlier this week. On Monday, the price declined by Rs. 2,400 per tola, followed by another drop of Rs. 1,000 on Tuesday.
As a result, gold lost a combined Rs. 3,400 per tola over two days. Despite Wednesday’s recovery, prices remain below levels recorded before the recent decline. Similarly, the 10-gram rate had dropped by Rs. 2,058 on Monday and Rs. 857 on Tuesday.
Market analysts linked the fluctuations to movements in global bullion markets. Therefore, local prices continued to mirror international trends.
International Gold Prices Move Higher
Meanwhile, international gold prices also recorded gains on Wednesday. The association reported that global bullion prices increased by $8 per ounce, reaching $4,404.
The rise followed a weaker trading session on Tuesday. During that session, international gold prices declined by $10 per ounce and settled at $4,396.
The latest increase reflects continued investor interest in safe-haven assets. Furthermore, uncertainty surrounding geopolitical developments and future US monetary policy decisions continues to influence gold markets worldwide.
