Gold Prices Stable in Pakistan; Silver Up Slight

Gold and silver prices maintained stability across both international and local markets on Friday. In the global bullion market, gold per ounce remained unchanged at $5,178.

In Pakistan, the price of gold per tola continued at Rs 540,562 while for 10 grams it was fixed at Rs 463,444. Silver prices, however, saw a notable increase; per tola went up by Rs 270 to Rs 9,474 and per 10 grams rose by Rs 232 to Rs 8,122.

Spot gold dipped slightly down to $5,181.18 per ounce by 08:37 GMT. The metal has climbed by 6.5% so far in February, achieving gains of over 58% for the seven months under review.

US gold futures for April delivery were up 0.1%, settling at $5,198.10 per ounce.

Spot silver surged by 1.7% to Rs 89.87 per ounce and was on track for a significant increase of 6.2% for the month.

Platinum maintained its upward trajectory, climbing 4.1% to Rs 2,365.33 per ounce, marking it as a four-week high. Palladium also edged up by 2.1%, standing at Rs 1,821.28.

Meanwhile, on Thursday, the Pakistani rupee strengthened against the US dollar in the inter-bank market. The local currency settled at 279.50 per dollar, marking a marginal appreciation of Rs0.01 compared to Wednesday’s close at 279.51. This trend followed the previous session where gold prices were slightly lower on Thursday as investors remained cautious ahead of upcoming rounds of indirect US-Iran negotiations.

The All Pakistan Gems and Jewellers Sarafa Association reported that despite the silver price increase, 24-karat gold per tola dropped by Rs700 to Rs540,562. This decline was in line with Wednesday’s modest rise when gold per tola increased by Rs1,300 to Rs541,262, driven by safe-haven demand linked to geopolitical tensions.

Moreover, silver prices also declined on Thursday; they settled at Rs9,204 per tola after a Rs350 drop from Wednesday. International markets maintained stability in spot gold at $5,165 per ounce as of early US trading and April futures dropped about 0.8% to around $5,182.

Traders continued to watch developments in the third round of indirect talks between Washington and Tehran, mediated by Oman. Any progress might affect geopolitical risk premiums within the bullion market, influencing prices further.