Gold prices resumed their upward trajectory in both international and Pakistani markets. The international bullion market saw a significant increase, with gold rising by $16 per ounce to reach $4,214.
As of 0851 GMT, spot gold traded at $4,209.43 per ounce, marking a 0.3% gain. US gold futures for December delivery showed a minor slip of 0.1% to $4,239.40 per ounce.
Silver prices also strengthened, rising 0.3% to $58.43 per ounce. This follows the metal’s record high of $59.32 per ounce achieved on Friday.
Following the international rally, local gold prices in Pakistan increased substantially on Monday.
| Item | Unit | Change | New Price (Rs) |
|---|---|---|---|
| 24-Karat Gold | per tola | Increased by 1,600 | 443,762 |
| 24-Karat Gold | per 10 grams | Increased by 1,372 | 380,454 |
| Silver | per tola | Increased by 30 | 6,102 |
| Silver | per 10 grams | Increased by 26 | 5,231 |
This increase continues a recent volatile trend. On December 5, a similar global rise pushed local prices higher. On that date, the price of gold per tola climbed by Rs3,000 to reach Rs444,462. The price per 10 grams rose by Rs2,572 to Rs381,064.
The current rally reflects ongoing macroeconomic uncertainty and geopolitical tensions. Gold traditionally serves as a safe-haven asset during periods of market volatility. Investors often flock to precious metals in search of stability.
Read: Gold Prices Rebound Sharply in Local and International Markets
The direct correlation between international and local prices highlights Pakistan’s integrated position in the global commodities market. Currency exchange rates and import dynamics also play a crucial role in determining domestic bullion prices.
