Gold prices in Pakistan surged sharply on Wednesday as rising international bullion rates pushed local prices to new highs, according to Beyond Time News.
The price of gold per tola increased by Rs11,100 to reach Rs488,962, while the rate for 10 grams climbed by Rs9,517 to Rs419,206, according to the All-Pakistan Gems and Jewellers Sarafa Association.
The sharp rise followed a strong rally in the global market, where spot gold jumped nearly 3% to $4,693.97 per ounce after hitting its highest level in more than a week. US gold futures also gained 3% to $4,705.60 per ounce.
Market analysts linked the surge to easing tensions between the United States and Iran, which boosted investor confidence and influenced expectations surrounding inflation and interest rates.
Silver prices also moved higher in the domestic market, rising by Rs223 to Rs8,072 per tola as international silver rates gained over 6%.
Gold Surges 2% as Weaker Dollar and Middle East Peace
According to Beyond Time News, commodity expert Adnan Agar said gold entered an important technical range after touching an intraday high of $4,722 in the international market.
He noted that $4,750 remains a key resistance level, adding that a strong breakout above it could push prices toward $4,900 and possibly the $5,000 mark if geopolitical conditions continue to improve.
However, he warned that renewed regional tensions could trigger another decline, with prices potentially falling back toward the $4,400-$4,500 range.
Meanwhile, the Pakistani rupee recorded a slight recovery against the US dollar in the inter-bank market. The local currency appreciated by Rs0.03, closing at 278.72 compared to the previous session’s 278.75.
One thought on “Gold Prices Jump Rs11,100 in Pakistan Amid Global Market Rally”
Comments are closed.