Gold prices in Pakistan climbed on Monday, driven by global market uncertainty and ongoing geopolitical tensions in the Middle East.
The All-Pakistan Gems and Jewelers Sarafa Association (APGJSA) reported that 24-karat gold was sold at Rs491,462 per tola, marking an increase of Rs1,100 compared to the previous session. In terms of weight, 24-karat gold per 10 grams reached Rs421,349, rising by Rs943.
Meanwhile, 22-karat gold also saw an upward move, quoted at Rs386,250 per 10 grams.
Silver Prices Slide in Domestic Market
Contrary to gold, silver prices declined. APGJSA noted that 24-karat silver per tola fell to Rs7,744 (-Rs50), while the 10-gram rate dropped to Rs6,639 (-Rs43). Analysts attributed this decline to weaker industrial demand and shifting investor interest towards gold amid global uncertainty.
Global Factors Influence Local Prices
Internationally, spot gold traded near $4,699 an ounce, up $90.9 or 1.97%, as tensions in the Middle East escalated. Investors also reacted to robust U.S. employment data, which dampened expectations for near-term Federal Reserve interest rate cuts, further supporting gold demand as a safe-haven asset.