Gold prices rise again in local market after brief dip

KARACHI: Gold prices in Pakistan surged once again on Tuesday, with the rate of 24-karat gold per tola rising by Rs600 to reach Rs339,400.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 10 grams of 24-karat gold increased by Rs514 and now stands at Rs290,980. Meanwhile, the price of 10 grams of 22-karat gold has climbed to Rs266,741.

Silver rates remained stable, with one tola priced at Rs3,234 and 10 grams at Rs2,772.

In the international market, gold prices also rose, with the per ounce rate increasing by $6 to reach $3,224.

Gold climbs on safe-haven demand amid US trade uncertainty

The increase comes a day after gold prices saw a dip in local market, when the per tola rate of 24-karat gold fell by Rs1,800 to settle at Rs338,800. However, just two days earlier, on April 12, gold hit an all-time high of Rs340,600 per tola after a Rs1,800 increase.

This spike followed dramatic fluctuations in gold prices earlier in the week, with a Rs10,000 surge on April 11 and a Rs7,800 jump on April 10, pushing prices to record levels amid ongoing volatility in both domestic and international markets.

Meanwhile, the Pakistani rupee recorded a slight appreciation against the US dollar during early trading hours on Tuesday, gaining 17 paisa or 0.06 per cent to trade at Rs280.43 before 11am in the interbank market.

Despite the marginal uptick, the rupee remains under pressure. Since the start of the current fiscal year, it has depreciated by Rs2.26 or 0.81 per cent. On a calendar year basis, it has weakened by Rs2.05 or 0.73 per cent against the dollar.

In the previous trading session on Monday, the rupee had slipped by 13.32 paisa or 0.05 per cent to close at Rs280.60. It touched an intraday high (bid) of Rs280.65 and a low (ask) of Rs280.60. In the open market, exchange companies quoted the dollar at Rs280.00 for buying and Rs282.15 for selling.