Gold, silver prices rise again in Pakistan amid global rally

KARACHI: Gold and silver prices in Pakistan jumped sharply on Tuesday after a three-day pause, tracking a strong rebound in international bullion markets.

The price of gold rose by 24,000 rupees per tola to Rs514,362 in the local market, traders said.

The rate for 10 grams of gold increased by Rs20,576 to Rs440,982 .

Silver prices also went up in Pakistan. The price of silver rose by Rs741 per tola to Rs9,146 , while the rate for 10 grams increased by Rs636 to Rs7,841 .

Globally, gold and silver prices surged as investors snapped up the metals after their steepest two-day slump in decades. Spot gold climbed nearly 5 per cent to around $4,896 an ounce, bouncing back from Monday’s low of $4,403, though last week’s record peak of $5,594 remains unmatched for now.

U.S. gold futures for April delivery rose more than 5 per cent to about $4,918 an ounce.

Silver surged over 8 per cent to $86.3 an ounce, after suffering a record 27 per cent one-day drop on Friday and a further decline on Monday.

Analysts said the market had been oversold after U.S. President Donald Trump nominated Kevin Warsh as the next Federal Reserve chairman, triggering a rebound as investors returned to buy at what they viewed as attractive levels.

CME Group also raised margin requirements on precious metal futures, adding to recent volatility.

Despite the sharp swings, analysts expect gold’s broader bull run to continue, with fresh record highs possible later this year.

Meanwhile, the U.S. Bureau of Labor Statistics said the closely watched January employment report will not be released this Friday due to a partial shutdown of the federal government.