ISLAMABAD: After a decline over the last four sessions, gold prices in Pakistan rebounded on Wednesday, reflecting increases in international markets. The price per tola rose by Rs600, reaching Rs275,500.
In addition, the cost of gold for 10 grams increased by Rs515, now priced at Rs236,197, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). This follows a decrease of Rs600 on Tuesday, which had brought the price down to Rs274,900.
Internationally, gold prices also saw an uptick on Wednesday, with APGJSA reporting a rate of $2,653 per ounce (including a $20 premium), marking an increase of $6 during the day.
Silver prices remained unchanged at Rs3,050 per tola.
Just last week, gold prices reached a record high of Rs277,000 per tola in Pakistan. Experts attribute the recent price hikes to global factors, including escalating geopolitical tensions in the Middle East, anticipated Fed rate cuts, and rising demand from major markets such as China and India. Gold is often viewed as a safe investment during times of political and financial instability.
On the global stage, gold prices remained steady on Wednesday, with a firmer dollar offsetting safe-haven demand amid ongoing tensions in the Middle East. Investors are awaiting US economic data for further insights. As of 0325 GMT, spot gold held at $2,659.79 per ounce, following a more than 1% increase in the previous session, while US gold futures dipped 0.4% to $2,680.90.
