Gold prices in Pakistan surged on Wednesday, bucking the global trend where prices eased following a US-Japan trade agreement that calmed investor nerves. Meanwhile, silver prices soared to the highest level since September 2011, driven by strong industrial demand and supply constraints.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola rose Rs3,700 to reach Rs364,900 in the local market. Similarly, the rate for 10 grams of gold climbed Rs3,171 to Rs312,842.
In contrast, international gold markets dipped as easing geopolitical tensions shifted sentiment away from safe-haven assets. Spot gold was down 0.6% at $3,412.03 per ounce, as of 1351 GMT, after hitting its highest point since June 16 earlier in the session. Spot silver rose 0.2% to $39.35 per ounce, a near 14-year peak.
Commenting on the trend, Interactive Commodities Director Adnan Agar noted, "Gold hit a high of $3,438 and low of $3,405, with the market later positioning around $3,415. The recent rally has seen gold rise by nearly $100, prompting a potential correction phase." He added that a strong resistance level was between $3,450 and $3,455.
Meanwhile, the Pakistani rupee appreciated against the US dollar, rising 0.07% in the inter-bank market. By the end of trading, the rupee closed at 284.76, up 21 paisa compared to Tuesday's close at 284.97. Furthermore, the State Bank of Pakistan (SBP) raised Rs545.16 billion through two debt auctions on Wednesday, including an outright purchase of Ijara Sukuk and the sale of Market Treasury Bills (MTBs), with settlement the following day.
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