Pakistan Gold Prices Jump 6,900 Rupees on Global Strength
Local gold prices surged by 6,900 rupees per tola on Friday, reversing Thursday's decline. The spike aligns with international bullion hitting a one-week high.
Gold prices in Pakistan increased by 6,900 rupees per tola to reach 460,336 rupees. This sharp rise occurred on Friday, following a drop of 3,800 rupees the previous day. The market movement reversed the earlier decline and established a new weekly high for local bullion.
The All-Pakistan Gems and Jewellers Sarafa Association released these rates. The price of 10-gram gold also climbed by 5,914 rupees to 394,663 rupees. These figures track the broader strength seen in the global precious metals market.
International spot gold reaches weekly high
Spot gold rose 0.3 percent to 4,352.39 dollars per ounce by 11:17 am EDT. This level marks the highest point since September 11. According to data from Reuters, the metal is on pace for its first weekly gain in four weeks.
Investors are assessing inflation and interest-rate expectations. Demand for safe-haven assets remains a key driver for the metal. All major precious metals are heading towards weekly gains, indicating broad market strength.
Oil and dollar movements shape trade
Brent crude prices fell for a third consecutive session. Lower energy costs reduce pressure on transport and production expenses. This dynamic helps ease inflationary concerns that could otherwise impact interest rates.
A stronger US dollar limited the advance in bullion. A higher dollar makes gold more expensive for holders of other currencies. This factor constrains demand and puts pressure on dollar-denominated prices, as noted in reports from GN auto markets/commodities: gold prices.
Silver and rupee track market shifts
Silver prices followed the upward trend in gold. The cost of silver increased by 300 rupees per tola to 7,169 rupees. This parallel movement reflects the broader strength across the precious metals sector.
The Pakistani rupee edged up 0.01 against the US dollar. The inter-bank market rate closed at 277.25, compared with 277.26 the previous day. Globally, the Japanese yen started weaker ahead of an expected Bank of Japan rate hike.
