Gold prices recover in local markets
Gold prices in Pakistan rebounded sharply on Tuesday, ending a three-day losing streak with a gain of Rs4,100 per tola.
According to the All Pakistan Sarafa Gems and Jewelers Association, the price of 24-karat gold per tola increased to Rs492,462 from the previous day’s closing of Rs488,362 in local bullion markets.
Gold prices per 10 grams also rise
The price of 24-karat gold per 10 grams also recorded a significant increase.
It climbed by Rs3,515 to settle at Rs422,206 compared to the previous closing of Rs418,691 in domestic markets.
Bullion traders said gold prices had remained under pressure during the previous three sessions due to uncertainty linked to tensions in the Middle East.
International gold market supports recovery
Market experts attributed the latest recovery in local gold prices to rising international bullion rates.
They said global gold markets continued to witness volatile trading amid geopolitical tensions and ongoing international trade disputes.
In the international market, gold prices rose by $41 per ounce to close at $4,701 compared to the previous day’s level of $4,660 per ounce.
Market remains volatile
Analysts said fluctuations in global commodity markets, currency movements and geopolitical developments continue to influence gold prices in Pakistan.
They added that investors are closely monitoring international developments, particularly tensions in the Middle East, which remain a major factor affecting bullion market sentiment.
The recent rebound indicates renewed buying interest after several days of declines in both domestic and international markets.