Gold prices recorded a sharp increase in Pakistan after strong gains in international bullion markets. The price of gold rose significantly during the last two trading sessions amid expectations of a possible Iran-US deal. The surge affected local buyers, investors, and jewellery traders across the country.
According to the All Pakistan Sarafa Gems and Jewellers Association, gold prices increased by Rs7,800 per tola on Wednesday. Following the latest increase, one tola of gold reached Rs496,762 in the local market. Meanwhile, the price of 10 grams of gold climbed by Rs6,687 to Rs425,893. Traders said strong international demand continued driving the local market upward.
Read more: Gold prices up by Rs 11,100 per tola
Market analysts noted that gold prices increased by nearly Rs19,000 per tola during the past two days. They linked the rally to growing investor activity and uncertainty surrounding global economic developments. Furthermore, expectations regarding a possible Iran-US agreement also influenced international commodity markets. Investors often shift toward gold during periods of uncertainty and geopolitical developments.
Silver prices also witnessed a noticeable increase in the domestic market on Wednesday. The price of one tola of silver jumped by Rs373 to reach Rs8,445. Jewellers said rising precious metal prices could impact consumer demand ahead of the upcoming wedding season. However, investors continued purchasing gold as a safer financial asset amid changing global trends.
Read more: Gold price jumps 11,100 rupees per tola in Pakistan
In the international market, gold prices climbed by 78 dollars per ounce during the latest trading session. As a result, the global gold rate reached 4,744 dollars per ounce. Financial experts believe future price movements will depend on international political developments, currency fluctuations, and investor confidence in global markets.