KARACHI: Gold and silver prices experienced a notable uptick on Tuesday in both global and local markets, ending a three-day period of decline. In the international bullion market, the price of gold per ounce surged by $28.29 to reach $4,326.27, as reported by market data.
Local Gold Prices Rebound
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola increased by Rs2,830 to settle at Rs455,063. Similarly, the price of 10 grams of gold rose by Rs2,306 to Rs389,534. This recovery follows a sharp decline earlier in the week.
Silver and Other Precious Metals
The price of silver per tola climbed by Rs141 to reach Rs7,314, while 10 grams of silver rose by Rs129 to Rs6,245. Internationally, spot silver gained 0.4% to $68.48 per ounce. Platinum increased by 0.3% to $1,759.88 per ounce, and palladium rose 1.7% to $1,225.74 per ounce.
Previous Day's Decline
On Monday, gold prices in Pakistan had fallen in line with a subdued international market. The price of gold per tola dropped by Rs3,094 to Rs452,233, while 10-gram gold was sold for Rs386,987, down Rs2,785. The international market also saw a decline, with gold sliding on ceasefire hopes and US jobs data.
Weekend Drop
On Saturday, international gold prices plummeted by $124 per ounce, leading to a local decline of Rs12,489 per tola and Rs11,240 per 10 grams. This was preceded by a Friday drop where gold fell by $14 per ounce globally, resulting in a local decrease of Rs1,469 per tola to Rs467,816 and Rs1,323 per 10 grams to Rs401,012. Silver also fell internationally by 66 cents per ounce to $72.52, with local silver prices dropping by Rs67 per tola to Rs7,730 and Rs61 per 10 grams to Rs6,623.
Earlier Gains
On Thursday, gold prices in Pakistan had risen, tracking a more than 1% increase in international prices amid a weakening US dollar and easing geopolitical tensions in the Middle East. Gold per tola increased by Rs1,523 to Rs469,285, and 10-gram gold rose by Rs1,305 to Rs402,335, according to APGJSA.
