Gold Prices Surge in Pakistan; Silver Weakens

Gold prices have rebounded in both international and domestic Pakistani markets on Saturday, reversing some of the losses seen the day before. In the global bullion arena, gold has regained its bullish momentum after falling earlier in the week, with a significant $70 increase to reach $5,042 per ounce.

Locally, gold saw solid gains, where the price per tola climbed by Rs7,000 to Rs526,962, and the 10-gram gold rose by Rs6,001 to Rs451,784. In contrast, silver prices in Pakistan’s market continue to weaken further, with the rate per tola dropping by Rs105 to Rs8,219, while the price for 10 grams fell by Rs90 to Rs7,046.

These changes follow a substantial decline on Friday when gold prices plummeted in Pakistan, falling Rs8,600 per tola to Rs519,962 despite an initial recovery in global markets. The same trend was observed for the 10-gram gold, which dropped by Rs7,373 to Rs445,783.

On a global scale, while international gold prices eased back slightly to around $4,972 per ounce after shedding about $86 in Thursday’s trading, silver saw its local market price fall by Rs501 per tola closing at Rs8,324. These developments underscore the fluctuating nature of precious metals markets and highlight the potential impact on local traders and consumers.

The IMF is also engaged with Pakistan over revising electricity tariffs, adding another layer of economic change to a volatile market environment.