Gold prices rise sharply in Pakistan and global markets

KARACHI: Gold prices rose in Pakistan on Monday, following gains in global markets, with investors continuing to respond to market volatility and rising demand.

In local trading, the price of 24-carat gold per tola increased by Rs7,100 to reach Rs533,562 . Similarly, the price per 10 grams rose by Rs6,087 to Rs457,443.

Silver prices also climbed, with the price per tola increasing by Rs374 to Rs8,948 , while 10 grams rose by Rs321 to Rs7,671.

On the international front, gold gained $71 per ounce in global bullion markets on Monday, bringing the new benchmark price to $5,108 per ounce.

The increase comes amid ongoing global economic uncertainty and strong demand in both investment and jewellery sectors, analysts said.

This uptick follows a sharp decline earlier in the week when geopolitical developments and a stronger US dollar dampened demand for gold as a safe-haven investment.

Earlier in the week, gold prices plummeted as global markets reacted to signs of progress in diplomatic talks between the United States and Iran, easing geopolitical risks.

Additionally, a stronger US dollar further pressured gold prices. Spot gold fell more than 2 per cent, dipping below key psychological levels, while gold futures for April delivery also posted significant losses. Silver and other precious metals mirrored this decline, reflecting broader selling trends across commodity markets.