Gold prices experienced significant gains in Pakistan’s domestic market on Saturday, mirroring a substantial rally in international bullion trading. The precious metal increased by $53 per ounce in global markets, reaching $4,218 and driving local price adjustments.
Following a two-day trading pause, Pakistani bullion markets raised 24-carat gold by Rs5,300 per tola, establishing a new rate of Rs444,162. The price for 10 grams increased by Rs4,544 to settle at Rs380,797.
Silver prices followed the same upward trend, with the per-tola rate climbing Rs267 to Rs5,909. The 10-gram silver price increased by Rs229 to reach Rs5,066.
This surge follows a period of domestic price stability despite increasing international values. On Friday, domestic gold rates remained unchanged even as global prices approached one-week highs amid expectations of a Federal Reserve rate cut.
Read: Gold Price in Pakistan Rises to Rs431,562 per Tola
Adnan Agar, Director at Interactive Commodities, confirmed the market has broken through significant resistance levels. “Gold prices are on the upside. It has broken a strong resistance and made a high of $4,207,” Agar stated, predicting continued strength with potential trading between $4,200 and $4,300.
Spot gold rose 0.8% to $4,162.99 per ounce in international trading, reaching its highest level since November 14. US gold futures for December delivery settled 0.6% higher at $4,165.20 per ounce.
Market analysts attribute the bullish momentum to weakening US economic indicators and increasing expectations of monetary policy easing. These factors enhance the appeal of non-yielding assets like gold, creating supportive conditions for further price appreciation.
