Gold prices staged a strong comeback in Pakistan on Friday, ending a five-session losing streak as international bullion markets rebounded sharply, pushing local rates significantly higher.
According to market data, the international price of gold surged by $91 per ounce, taking the precious metal to $4,063 per ounce after renewed buying by investors seeking safe-haven assets amid ongoing global economic uncertainty. The rebound follows recent volatility driven by expectations over US interest rates, currency movements, and geopolitical risks.
Reflecting the international trend, the domestic bullion market witnessed a substantial increase in gold prices. The price of 24-karat gold per tola jumped by Rs9,100, reaching Rs428,736, while the price of 10 grams climbed Rs7,802 to Rs367,572.
Silver prices also moved higher. The price of per tola silver increased by Rs203 to Rs6,445, while 10 grams of silver gained Rs174, settling at Rs5,525.
Gold prices in Pakistan are primarily determined by movements in the international bullion market and the rupee-dollar exchange rate. Analysts say that whenever global investors shift toward gold as a hedge against inflation, financial market volatility, or geopolitical uncertainty, domestic prices tend to follow suit.
The latest rally comes after several days of declines that had briefly eased prices for local buyers. However, traders warn that the bullion market is likely to remain volatile in the coming days as investors closely watch upcoming US economic data and signals from major central banks, particularly the US Federal Reserve, for clues on the future direction of interest rates.