After nearly a week of decline, gold prices in Pakistan rebounded on Saturday as the global bullion market showed signs of recovery. The international gold rate rose by $18 per ounce, reaching $4,113. This rebound reversed the six-day downward trend that had caused concern among investors who were watching global financial conditions closely.
Local Market Sees Positive Movement
According to the All-Pakistan Gems and Jewelers Sarafa Association, local gold prices followed the international market’s upward momentum. The per tola rate of gold increased by Rs 1,800, while the 10-gram rate climbed by Rs 1,543. Silver also saw moderate gains, reflecting the improving sentiment in both local and global markets after a turbulent trading week.
Detailed Price Changes in Pakistan
Here is a summary of the price movement in the domestic market:
| Commodity | Previous Price | New Price | Change |
|---|---|---|---|
| Gold (per tola) | Rs 431,862 | Rs 433,662 | +Rs 1,800 |
| Gold (10 grams) | Rs 370,252 | Rs 371,795 | +Rs 1,543 |
| Silver (per tola) | Rs 5,067 | Rs 5,124 | +Rs 57 |
| Silver (10 grams) | Rs 4,344 | Rs 4,393 | +Rs 49 |
Traders Link Recovery to Global Factors
Local jewelers and traders believe the rebound is directly tied to global market trends. The recent rise in international prices came after weaker economic data from the United States and a drop in bond yields. These factors made gold more appealing to investors who view it as a safe asset during uncertain economic conditions.
US Rate Decision Creates Anticipation
For days, gold had been under pressure due to uncertainty surrounding the upcoming US Federal Reserve rate decision. The market had experienced profit-taking, which led to the first weekly loss in almost ten weeks. Now, with the possibility of a rate cut on the horizon, investors are cautiously optimistic about gold maintaining its upward path.
Impact on Local Buyers and Investors
Despite the recent recovery, gold prices in Pakistan remain close to historic highs. This has kept jewelry demand subdued among local consumers, while investors continue to monitor price movements. Jewelers suggest that any major shift in the US monetary policy could trigger further volatility in the coming weeks.
Outlook for the Precious Metals Market
Analysts expect the gold market to remain sensitive to international developments, especially those linked to the US economy and global inflation trends. If global rates continue to rise, local prices are likely to follow suit. For now, the rebound has brought some relief to traders, marking a hopeful start to the new trading week.