Web Desk: Gold prices in Pakistan rebounded sharply on Wednesday, tracking gains in international bullion markets after the precious metal suffered a steep decline earlier in the week.
The price of 24-karat gold rose Rs4,300 per tola to Rs441,636, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The increase extended to smaller quantities, with the price of 10 grams of gold climbing Rs3,686 to Rs378,631.
The latest move followed a Rs800 decline on Tuesday, when gold settled at Rs437,336 per tola.
Meanwhile, silver prices also moved higher. The rate for one tola of silver increased Rs20 to Rs6,578.
The domestic recovery came as gold prices gained in global markets.
International spot gold was trading around $4,195.56 an ounce on Wednesday, according to Reuters, after a recent sell-off linked in part to higher US Treasury yields and changing expectations for interest rates.
Gold had faced significant pressure earlier in the week as rising yields increased the opportunity cost of holding the non-yielding metal.
The latest increase comes after a major decline on Monday, when the domestic gold rate dropped Rs12,800 per tola to Rs438,136.
The price of 10 grams also fell Rs10,973 to Rs375,631 at the time, while international gold prices dropped sharply.
Silver followed the broader precious-metals decline on Monday, falling Rs325 per tola to Rs6,578.
Gold’s latest recovery highlights continued volatility in both domestic and international bullion markets.
Global investors are closely monitoring US inflation data and interest-rate expectations, factors that can influence Treasury yields, the dollar and demand for gold. Reuters reported that traders were also watching upcoming US economic data for clues about the Federal Reserve’s monetary policy path.
For Pakistani buyers, international bullion movements and currency fluctuations remain key factors behind daily changes in local gold prices.
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