Surges Rs10,800 to Rs455,136 per tola; rupee inches up
Gold prices in Pakistan recorded a sharp increase on Monday. tracking gains in the international bullion market, with the price of the precious metal rising by Rs10,800 per tola to reach Rs455,136.
According to rates issued by the All-Pakistan Gems. Jewellers Sarafa Association, the price of 10-gram gold surged by Rs9,720 to settle at Rs389,600. The latest increase follows Saturday's rise of Rs4,370 per tola, reflecting continued volatility in the bullion market.
In the international market. spot gold climbed 3.3% to $4,356.79 per ounce by 1435 GMT after touching its highest level since June 5 during intra-day trading, according to Reuters. US gold futures also advanced 3.3% to $4,378.70 per ounce. Market analysts attributed the rally to investor positioning after Iran. the United States agreed to halt their military conflict, a development that altered expectations regarding the future path of US interest rates and triggered renewed interest in precious metals.
The US dollar index slipped 0.2% during the session, making dollar-denominated commodities such as gold more affordable for buyers using other currencies. adding support to bullion prices. Investors are also awaiting comments from Federal Reserve Chairman Kevin Warsh. whose debut press conference later this week is expected to provide clues about the outlook for the US monetary policy.
Meanwhile, silver prices also moved higher in the domestic market, increasing by Rs230 per tola to reach Rs7,509. Other precious metals recorded strong gains globally. with palladium rising more than 5%, while market participants also monitored developments regarding Singapore's plans to establish an over-the-counter gold clearing system aimed at strengthening regional bullion trading infrastructure. Meanwhile. the Pakistani rupee posted a marginal rise against the US dollar in the inter-bank market, closing at 278.31 compared to 278.32 on Friday, according to the State Bank data.
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see ourComments FAQ
Discussion
Sign in to join the thread, react, and share images.