Gold prices surge in Pakistan amid international increase

Gold prices in local markets across Pakistan saw an increase due to a rise in global bullion prices. The price of gold per ounce in the international market rose by $5, reaching $2708.

As a result, in local gold markets, the price of 24-carat gold per tola increased by Rs 500, reaching Rs 282,900. The price of gold per 10 grams also rose by Rs 429, reaching Rs 242,541.

In contrast to the rise in gold prices, the price of silver per tola decreased by Rs 9, bringing it down to Rs 3,372. The price of silver per 10 grams also fell by Rs 8, reaching Rs 2,890.

Globally, gold prices firmed on Monday, supported by a weak US dollar, as markets awaited Donald Trump's return to the White House and his inauguration speech later in the day for hints on the impact of his upcoming policies on economy and rate-cut outlook.

Spot gold added 0.1% to $2,704.85 per ounce as of 0924 GMT.

Trump has talked of tariffs of as much as 10% on global imports as well as 60% on Chinese goods and a 25% import surcharge on Canadian and Mexican products.

"Gold's status as a financial asset makes it likely exempt from broad-based tariffs, and we therefore assign a 10% probability to a 10% effective tariff on gold being introduced within the next 12 months," Goldman Sachs said.

Bullion hit its highest since Dec. 12, 2024, last week after cooler core inflation data, Fed Governor Waller's dovish remarks and reports of gradual tariff introductions led traders to price in two rate cuts this year from just one earlier.

Spot silver fell 0.2% to $30.29 per ounce, palladium shed 0.7% to $936.35 and platinum declined 0.6% to $942.25.