Gold price volatility hits Pakistan amid conflicting global cues

KARACHI: Gold price in Pakistan experienced significant movement on Saturday, reflecting sharp shifts in international bullion markets that touched record levels despite intraday fluctuations.

In the domestic market, the price of 24-karat gold fell by Rs 9,100 per tola, bringing the rate down to Rs 430,662, according to figures from the All Pakistan Sarafa Gems and Jewellers Association. The price of 10 grams of 24-karat gold also declined by Rs 7,799, settling at Rs 369,223, while 10 grams of 22-karat gold closed at Rs 338,466.

Across major cities, including Karachi, Lahore, Islamabad, Peshawar, Quetta, Sialkot, Hyderabad and Faisalabad, the per-tola gold rate stood uniformly at Rs 430,662.

In global markets, bullion showed heightened volatility. Gold hovered around the $4,083-per-ounce mark earlier in the day, reflecting a $91 drop, before later rebounding to as high as $4,134, notching a $59 gain from previous levels as international trading intensified.

Silver mirrored the turbulent trend. International silver prices slipped by $2.09 to $50.51 at one point but later rose to $51 per ounce. In Pakistan, domestic silver initially fell by Rs 209 per tola to Rs 5,313 and by Rs 179 per 10 grams to Rs 4,555, before later posting gains of Rs 144 per tola and Rs 124 per 10 grams, pushing prices up to Rs 5,353 and Rs 4,589, respectively.

Market analysts attribute the sharp swings to global economic uncertainty, fluctuating interest rate expectations, and heightened investor activity, which continue to influence both domestic and international bullion trends.