Gold, silver prices rebound in Pakistan after five-day losing streak

Price of 24-karat gold per tola increases by Rs2,300 in Pakistan

KARACHI:

Gold and silver prices rebounded in both international and local markets on Saturday, snapping a five-day losing streak as global bullion rates shifted back into positive territory.

In the international bullion market, the price of gold per ounce rose by $23, reaching $4,708. Consequently, the impact was felt in local markets across Pakistan.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola increased by Rs2,300, settling at Rs493,162. The price of 10 grams of gold also saw an upward movement, rising by Rs1,971 to reach Rs422,806.

The silver market mirrored this recovery. In the global market, the price of silver per ounce increased by 92 cents to reach $75.65.

This led to a local price hike of Rs92 per tola, bringing the new rate to Rs8,049. Similarly, the price of 10 grams of silver rose by Rs79, closing at Rs6,900.

Read: Gold falls Rs2,900 despite global uptick

Earlier on Friday, gold prices in Pakistan declined, diverging from gains in the international market, where the precious metal edged higher but remained on track for its first weekly loss in five weeks amid persistent inflationary concerns and geopolitical uncertainty.

In the local market, the price of gold per tola fell by Rs2,900 to settle at Rs490,862. Similarly, the price of 10-gram gold decreased by Rs2,486 to Rs420,835, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association.

The decline follows Thursday's sharp drop, when gold prices had fallen by Rs5,200 per tola to close at Rs493,762, reflecting continued volatility in the domestic bullion market.

Silver prices also followed the downward trajectory, shedding Rs142 to settle at Rs7,957 per tola.

Earlier on Wednesday, the price of gold per tola fell by Rs1,200 to settle at Rs498,962, according to the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10 grams of gold decreased by Rs1,029 to Rs427,779.

Silver prices also followed a downward trajectory, falling by Rs34 to Rs8,324 per tola. Market sentiment globally was supported by a decline in benchmark 10-year US Treasury yields, which slipped by 0.2%, making non-yielding assets like gold relatively more attractive.

Also on Tuesday, gold and silver prices declined in both international and domestic markets. In the international bullion market, gold fell by $10 per ounce to $4,778. Locally, gold per tola dropped by Rs1,000 to Rs500,162, while 10 grams fell by Rs857 to Rs428,808.

Silver also declined, with the per tola rate down Rs59 to Rs8,358 and 10 grams falling Rs51 to Rs7,165.