Gold and silver prices rise in Pakistan after gains in global bullion market

ISLAMABAD: Gold and silver prices moved higher in Pakistan on Friday, following an increase in the international bullion market, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The association said the price of gold in the local market climbed by Rs3,000 per tola to reach Rs497,662. The rate for 10 grams of gold also increased by Rs2,572, taking it to Rs426,664.

Silver prices also registered gains in the domestic market. The per tola price of silver rose by Rs130 to Rs8,014, while the rate for 10 grams increased by Rs111 to Rs6,870.

In the international market, the price of gold per ounce was reported at $4,753 after an increase of $30. At the same time, spot gold was down 0.2% at $4,752.67 per ounce by 0720 GMT, although it remained 1.6% higher for the week so far.

US gold futures for June delivery fell 0.9% to $4,776.60 on Friday. Among other precious metals, spot silver rose 0.5% to $75.48 per ounce, platinum declined 2.5% to $2,049.84, and palladium slipped 0.3% to $1,552.59.

Previous session had seen a sharp decline locally

A day earlier, on Thursday, gold prices in Pakistan had fallen sharply even as international bullion markets posted gains of more than 1% amid a weaker US dollar and heightened geopolitical uncertainty.

According to APGJSA rates issued on Thursday, the price of gold per tola in the local market dropped by Rs9,500 to settle at Rs494,662. The price of 10 grams of gold also fell by Rs8,145 to Rs424,092.

The Thursday decline came after a strong rise a day earlier. On Wednesday, the per-tola rate had reached Rs504,162 after increasing by Rs15,700.

Silver also moved lower in the domestic market on Thursday, with the per tola price decreasing by Rs300 to Rs7,884.

In contrast, international gold prices had moved upward on Thursday, supported by a softer US dollar and safe-haven demand linked to geopolitical tensions. Spot gold rose around 1.7% to $4,796.50 per ounce after touching a near three-week high in the previous session, while US gold futures gained 1% to $4,823.

The latest movement shows local bullion prices recovering on Friday after the previous day’s decline, in line with renewed gains in international markets.