Gold prices in Pakistan saw a notable increase on Friday, tracking gains in the international markets. In trading over the last 12 hours, the price of gold per tola in the local market rose to Rs. 441,130, reflecting an increase of Rs. 1,390 from the day’s start, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price for 10 grams of gold climbed to approximately Rs. 378,420, showcasing a steady upward trend.
The international gold market also experienced a positive shift. As per the APGJSA, the global gold rate hit $4,174.07 per ounce, marking a $10.69 increase from the previous session. This upward movement is attributed to various geopolitical tensions and market anticipations around economic data releases, which have bolstered safe-haven demand for the precious metal.
Meanwhile, silver prices in the local market mirrored the upward trend of gold, rising by Rs. 0.44 per ounce to reach Rs. 53.88. This increase highlights a stable demand for silver alongside gold, as investors continue to seek refuge in precious metals amid fluctuating economic conditions.
Globally, the gold market remains influenced by a combination of factors, including central bank policies, inflation concerns, and currency fluctuations. The recent uptick in gold prices aligns with a broader trend of increased investor interest as global markets remain volatile.
As the trading day progresses, market participants will be closely monitoring further developments in the international arena that could impact gold and silver prices. The local market’s strong performance is reflective of a broader confidence in precious metals during uncertain times, with both gold and silver continuing to be seen as key hedges against economic instability.
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