Gold prices reversed course on Friday, posting significant gains in both international and domestic markets following three consecutive days of decline. An uptick in the global bullion trade fueled the rebound.
The increase in international rates had an immediate impact on local markets. In Pakistan’s bullion markets, the price of gold per tola increased by Rs 3,000, closing at Rs 444,462. Similarly, the price of 10 grams of gold rose by Rs 2,572, settling at Rs 381,064.
Globally, spot gold rose by 0.5% to $4,226.99 per ounce in early trading. The precious metal gained approximately $30 during the session, reaching $4,221 per ounce earlier in the day. Despite the daily surge, gold remained poised for a marginal 0.1% weekly decline.
Read: Gold Price in Pakistan Rises Rs5,300 per Tola After Global Rally
Silver joined the rally, posting robust gains in the international market. It rose by 1.9% to $58.20 per ounce, marking a 3.2% increase for the week. This follows a record high of $58.98 per ounce reached on Wednesday.
Market analysts and traders have observed that the domestic bullion market closely follows global trends. They have warned that volatility is likely to continue as investors respond to changes in international demand, currency exchange rates, and shifting expectations surrounding US monetary policy.
