After a brief decline in the previous session, gold prices in Pakistan rose on Monday in tandem with an increase in international rates. In the local market, the price per tola of gold surged by Rs2,500, settling at Rs269,900, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
Similarly, the price for 10-gram gold climbed by Rs2,144, reaching Rs231,396. This follows a modest decrease on Saturday, when the per-tola rate had dropped by Rs300 to Rs267,400.
International Market Influence
Globally, gold prices recorded gains exceeding 1%, driven by a pause in the US dollar’s recent rally and geopolitical concerns. The international price of gold rose by $25 to reach $2,587 per ounce (including a $20 premium), reflecting investor interest in safe-haven assets amid escalating tensions in Ukraine and the Middle East.
Silver Holds Steady
While gold prices increased, silver prices remained stable in the local market. The per-tola price of silver was unchanged at Rs3,250.
Recent Trends
Gold in Pakistan has seen notable volatility, with prices reaching an all-time high of Rs287,900 per tola last month. The rise on Monday reflects the precious metal’s sensitivity to global developments, including:
- Geopolitical Tensions: Escalating conflicts in Ukraine and the Middle East are driving demand for safe-haven assets.
- US Federal Reserve Speculation: Markets are watching for signals from Federal Reserve officials regarding potential shifts in interest rate policies. A less aggressive stance on rate cuts could cap gold’s upside in the global market.
Market Outlook
From a technical perspective, gold prices globally are navigating between support at $2,535 (50% retracement of the June-October rally) and resistance near $2,620. A breach above this range could trigger further gains, while a drop below may prompt additional selling pressure.
Conclusion
Gold’s rebound in Pakistan aligns with broader international trends, where geopolitical uncertainty and currency fluctuations play a key role. The current price trajectory suggests that both local and global factors will continue to influence the precious metal’s value in the days ahead.
