Gold rebounds after two-day slump as prices rise in Pakistan and abroad

KARACHI: Gold prices bounced back on Wednesday after a two-day decline, gaining strength both internationally and in Pakistan as investor sentiment shifted once again in favour of the precious metal.

In the global bullion market, gold climbed by $35 per ounce to settle at $3,975 per ounce. The rebound followed a brief slump earlier in the week when prices had touched a three-week low of $3,886 per ounce amid heavy selling and uncertainty surrounding the US Federal Reserve’s upcoming policy decision.

Gold price in Pakistan today

The surge in global prices also pushed domestic rates higher. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold in Pakistan rose by Rs3,500 per tola, reaching Rs419,862. The rate for 10 grams also increased by Rs3,000 to Rs359,963.

The rise comes after a steep two-day fall in the local market. On Tuesday, gold had slipped by Rs14,000 per tola to Rs416,362, while on Monday it had dropped by Rs3,300 per tola to Rs430,362.

Adnan Agar, Director at Interactive Commodities, said the market had come under pressure due to persistent selling in recent sessions, though the latest recovery signals renewed investor interest.

Analysts believe that global uncertainty and shifting expectations regarding the Federal Reserve’s next move are likely to keep gold prices volatile in the near term.