Gold prices surge in Pakistan as global rates climb

KARACHI: Gold prices in local markets rose sharply on Saturday, tracking gains in international bullion markets, traders said.

In Karachi’s bullion market, the price of 24-carat gold per tola climbed by Rs7,100 to Rs533,562 by the close of the trading week. The price of 10 grams of gold increased by Rs6,087 to Rs457,443.

Internationally, gold prices rose by $71 per ounce to settle at $5,108 per ounce in the global bullion market, dealers said.

Silver prices also moved higher in the domestic market. The price of silver per tola increased by 374 rupees to Rs8,948, while the rate for 10 grams of silver rose by Rs321 to Rs7,671.

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.