Gold surges by Rs11,100 per tola after rebound in global bullion market

ISLAMABAD: Gold and silver prices posted a sharp recovery on Wednesday in both the international and domestic markets after three days of declines, according to figures released by the All-Pakistan Gems and Jewellers Sarafa Association.

In the global bullion market, gold rose by $111 per ounce to reach $4,666. Following that increase, the local price of gold per tola climbed by Rs11,100 to Rs488,962, while the rate for 10 grams increased by Rs9,517 to Rs419,206, the association said.

Silver also moved higher in the local market. The price of silver per tola went up by Rs223 to Rs8,072, while the price of 10 grams rose by Rs191 to Rs6,920.

Internationally, spot silver advanced 4.6% to $76.16 per ounce. Platinum gained 2.9% to $2,009.25, while palladium was up 2.4% at $1,521.50.

Previous sessions had seen declines

The latest increase came after a series of losses earlier in the week.

On Tuesday, the price of gold per tola in the local market fell by Rs2,100 to Rs477,862, according to the All-Pakistan Gems and Jewellers Sarafa Association. The price of 10 grams of gold also dropped by Rs1,801 to settle at Rs409,689.

Silver prices had also weakened in the previous session, with the per tola rate declining by Rs65 to Rs7,849.

In the international bullion market on Tuesday, gold per ounce fell by $21 to $4,555.

Earlier, on Monday, gold prices in the local market had declined by Rs3,800 per tola to Rs479,962, the association said. The price of 10 grams of gold dropped by Rs3,257 to Rs411,490, reflecting the broader downward movement in the market.

Silver also recorded a fall that day, with the per tola price decreasing by Rs100 to Rs7,914.

Global bullion prices had also remained under pressure on Monday. Spot gold fell 1.9% to $4,526.88 per ounce, while US futures declined 2.3% to $4,537.90, indicating continued selling pressure in the market.

Local market tracks global trend

The latest jump in domestic prices followed the rebound in international bullion rates, with local gold and silver values moving in line with the global market trend cited by the All-Pakistan Gems and Jewellers Sarafa Association.

Wednesday’s rise reversed part of the losses recorded over the previous two sessions, when both gold and silver had come under pressure in local trading alongside weakness in international prices.