Gold jumps Rs11,100 per tola in Pakistan after previous day’s fall

KARACHI: Gold prices in Pakistan rebounded sharply on Wednesday, reversing losses from the previous session, as rates surged in line with gains in the international market, traders said.

In the domestic market, the price of gold per tola jumped by Rs11,100 to Rs488,962, while the price of 10 grams rose by Rs9,517 to Rs419,206, according to data released by the All Pakistan Sarafa Gems and Jewellers Association.

The increase comes a day after gold prices had declined, with per tola rates falling to Rs477,862 and 10 grams to Rs409,689.

Analysts said the rebound reflects renewed strength in global bullion markets, where prices recovered after recent losses driven by expectations of prolonged high interest rates in the United States.

Higher interest rates typically weigh on gold, a non-yielding asset, by boosting the appeal of interest-bearing investments. However, persistent economic uncertainty and inflation concerns continue to support safe-haven demand for the precious metal.

Silver prices also edged higher in the local market, tracking the upward trend in gold.