Gold prices in Pakistan rebound, surging Rs1,300 per tola

Gold prices in Pakistan rebounded significantly on Friday, overcoming a challenging trend in the preceding three sessions. 

The value of 24-karat gold surged by Rs1,300 per tola, reaching Rs215,000, according to the Karachi Sarafa Association. 

The price for 10-gramme 24-karat gold witnessed an increase of Rs1,115, standing at Rs184,328. Additionally, the rate for 10-gramme 22-karat gold was Rs168,976, compared to yesterday’s Rs167,945.

In contrast, silver maintained stability in the domestic market, with 24-karat silver selling at Rs2,600 per tola and Rs2,229.08 per 10-gramme. 

On the global front, international spot gold continued its positive momentum, currently trading at $2,027.32. 

Despite today’s uptick, global gold is poised for its weakest weekly performance in the past six weeks, driven by diminishing expectations for interest rate cuts. 

This decline in commodity prices is attributed to central bankers pushing back against market bets for rate cuts, contributing to a widespread selloff across stocks and bonds.