Gold price rises for second consecutive day in Pakistan

ISLAMABAD: Gold prices in Pakistan rose for a second consecutive day on Friday, with the price of 24-carat gold increasing by Rs3,900 per tola to Rs469,136, according to the All Pakistan Gems and Jewellers’ Sarafa Association (APGJSA).

The price of 10-gram gold also increased by Rs3,344 to Rs402,208.

The latest increase follows a Rs11,200 per tola rise on Thursday, when gold prices rebounded sharply after plunging Rs11,300 a day earlier.

The consecutive gains have taken the domestic gold price above the level recorded before Wednesday’s steep decline.

In the international market, spot gold was trading at around $4,475 per ounce on Friday.

Gold had fallen to a near one-month low on Wednesday before rebounding by more than 1 per cent as the dollar and Treasury yields retreated from recent highs.

The latest recovery in international bullion prices came as investors shifted their focus towards the US labour market, with the non-farm payrolls report due on Friday. Market expectations around US interest rates have remained a key driver of gold prices.

Gold, which does not pay interest, tends to come under pressure when expectations of higher interest rates push up bond yields and strengthen the US dollar. Conversely, softer yields and a weaker dollar make bullion more attractive to investors.