ISLAMABAD: Gold prices in Pakistan jumped sharply on Saturday, mirroring a strong rebound in the international market and pushing the local per-tola rate back above Rs519,000.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold per tola rose by Rs11,700 to reach Rs519,462, while the price of 10-gram gold increased by Rs10,030 to Rs445,354. Silver also climbed, gaining Rs444 to settle at Rs8,269 per tola.The rise follows a steep decline in the previous session, when gold had fallen by Rs21,400 to Rs507,762 per tola.
Globally, gold rebounded on Friday, driven by bargain hunting, a slightly weaker US dollar, and ongoing concerns over US-Iran nuclear talks in Oman. Spot gold surged 3.9% to $4,954.92 per ounce by 2:18 pm ET, recovering losses from a volatile Asian trading session after a 3.9% drop the day before.
The metal was on track for a weekly gain of around 2%. Meanwhile, US gold futures for April delivery settled 1.8% higher at $4,979.80 per ounce.
The US dollar index dipped 0.2%, making gold more affordable for international buyers. Jim Wyckoff, senior analyst at Kitco Metals, said the rally reflected bargain hunting by bullish traders, but cautioned that gold lacked strong momentum and was unlikely to hit new records without a major geopolitical trigger.
Developments in US-Iran talks, mediated by Oman, also supported prices, as Iranian officials described negotiations as off to a âgood start,â easing fears of escalating conflict in the Middle East.
In silver markets, spot prices jumped 8.6% to $77.33 per ounce after earlier falling below $65, though the metal was still set for a weekly decline of more than 8.7%. Wyckoff noted that heavy speculation has fueled silverâs volatility, suggesting both gold and silver may be entering a downturn after years of gains.
CME Group raised margin requirements for gold and silver futures for the third time in two weeks to manage heightened market volatility.Among other precious metals, spot platinum climbed 5.4% to $2,093.50 per ounce, while palladium rose 6.2% to $1,717.05.
