International market jump drives sharp increase in local bullion rates
KARACHI: Gold prices in Pakistan recorded a sharp increase on Wednesday, following a strong rally in international bullion markets that pushed local rates to fresh highs.
According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold climbed by Rs10,000 per tola, taking the rate to Rs437,936. Similarly, the price of 10 grams of gold increased by Rs8,573, settling at Rs375,459.
The latest surge came just a day after the domestic market recorded a modest decline. On Tuesday, gold prices had fallen by Rs500 per tola before rebounding strongly in line with global trends.
Market analysts attributed the sharp increase to gains in the international bullion market, where investors continued to shift toward safe-haven assets amid heightened economic uncertainty and volatility in global financial markets.
Global bullion market fuels local gains
Internationally, gold prices rose by $100 per ounce, pushing the global rate to $4,155 per ounce, including a premium of $20. The sharp rise in international prices immediately translated into higher domestic rates, as Pakistan’s gold market closely follows global price movements and exchange rate fluctuations.
Jewellers said continued uncertainty in international markets has strengthened investor demand for precious metals, contributing to the latest price rally.
Silver also posts strong gains
Meanwhile, silver prices also moved upward alongside gold. The price of silver increased by Rs273 per tola, closing at Rs6,624 in the local market.
Bullion dealers noted that both gold and silver remain highly sensitive to international developments, including geopolitical tensions, inflation expectations and monetary policy decisions by major central banks.
They added that if global gold prices continue their upward trajectory, domestic bullion rates could witness further increases in the coming days, depending on international market performance and currency movements.
