Gold reaches Rs457,436 per tola in Pakistan as international bullion prices gain $4 per ounce.
KARACHI: Gold prices in Pakistan rebounded on Saturday, rising by Rs400 per tola as the precious metal recovered alongside a modest increase in international bullion prices.
According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold rose to Rs457,436 per tola, compared with the previous closing price of Rs457,036 in the domestic market.
The precious metal had suffered a significant decline during the previous two sessions amid heightened tensions in the Middle East, resulting in increased volatility across local and international bullion markets.
Gold price rises Rs343 per 10 grams
The price of 24-karat gold also increased by Rs343 per 10 grams, reaching Rs391,920, compared with the previous close of Rs391,577.
Bullion market experts attributed the rebound in domestic gold prices to easing concerns over Middle East tensions and a decline in international oil prices, which helped support renewed demand for the precious metal.
The latest movement reflects the continued sensitivity of Pakistan’s gold market to developments in global commodity and financial markets.
International gold price edges higher
In the international market, gold gained $4 per ounce, closing at $4,346, compared with the previous session’s closing price of $4,342.
The modest increase in global bullion prices provided support to the domestic market, contributing to Saturday’s recovery in local gold rates.
Gold prices have remained volatile throughout the week as investors assess geopolitical developments, commodity price movements and changing market expectations.
Middle East tensions keep bullion market volatile
The latest recovery follows sharp movements in gold prices during the earlier part of the week.
Heightened tensions in the Middle East had contributed to significant fluctuations in both local and international bullion markets, while subsequent easing of concerns supported the latest rebound.
The domestic bullion market remains closely linked to international gold prices, geopolitical developments and global commodity trends.
With international markets continuing to respond to developments in the Middle East and movements in oil prices, Pakistan’s gold prices are likely to remain sensitive to global market conditions in the near term.