Gold prices rise internationally, locally after recent dip

After a recent substantial drop, gold prices rebounded on Wednesday with an increase in both the international and domestic markets.

In the global bullion market, the price of gold rose by $14 per ounce, bringing the new rate to $2,607 per ounce, Express News reported.

Locally, gold prices in Pakistan also saw a notable surge.

The price of 24-karat gold increased by Rs1,400 per tola, setting the new rate at Rs271,900 per tola.

Likewise, the 10-gram price rose by Rs1,200, reaching Rs233,111 per 10 grams.

Conversely, silver prices in Pakistan remained stable. The per tola price of silver held at Rs3,250, while the rate for 10 grams also stayed unchanged at Rs2,786.

Yesterday, gold price dropped by Rs7,000, or 2.5%, hitting a seven-week low at Rs270,500 per tola (11.66 grams) in line with the downward trend in international markets as global investors reverted to the long overdue profit-taking.

With the latest correction, the precious metal has cumulatively decreased Rs17,400, or 6%, in slightly less than two weeks since hitting the all-time high of Rs287,900 per tola in late October.

All Pakistan Saraf Gems and Jewellers Association reported that gold – considered a safe-haven asset – lost $77 to $2,593 per ounce (31.10 grams) in the global market. It has dipped $191, or 6.87%, in two weeks compared to the record high of $2,784 per ounce hit in October.

Meanwhile, the Pakistani currency depreciated Rs0.07 to close at Rs277.93 against the US dollar in the inter-bank market amid the ongoing economic review by the IMF under its $7 billion Extended Fund Facility.