Gold prices climb further as silver holds steady in Pakistan

KARACHI: Gold prices in Pakistan extended their upward trend on Wednesday, with the per tola rate rising by Rs 2,300 to reach Rs 528,562, according to market sources.

The price of 10 grams of gold also increased by Rs1,972, pushing the new rate to Rs 453,156. The fresh surge follows an earlier increase reported this week, when gold per tola had climbed by Rs 1,500 to Rs 526,262, while 10 grams rose by Rs 1,286 to Rs 451,184.

Market analysts attribute the continued rally in domestic gold prices to firm trends in the international market and currency fluctuations. In the global market, gold had earlier gained $15 to reach $5,035 per ounce, lending support to local bullion rates.

Meanwhile, silver prices remained stable on Wednesday. The current silver rate stands at Rs 8,965 per tola, Rs 7,684 per 10 grams, and Rs 768.4 per gram.

Silver prices in Pakistan are updated daily in line with movements in the international market and are influenced by factors including global supply and demand, the value of the US dollar, inflationary pressures, and government policies. Investors often view silver as a long-term hedge, despite short-term price volatility.

Bullion traders expect precious metal prices to remain sensitive to global market developments and currency movements in the coming days.