Gold Prices Rise in Pakistan Despite Global Dip Amid Middle East Uncertainty

Gold prices rose in Pakistan despite a global dip on Monday, driven by uncertainty over Middle East tensions and rising inflation. The per-tola gold price reached Rs428,436 after gaining Rs1,700 during the day.

The All-Pakistan Gems and Jewellers Sarafa Association reported that ten-gram gold was sold at Rs367,314, up Rs1,457.

Internationally, spot gold fell 0.1% to $4,037.01 per ounce by 12:37 pm EDT (1637 GMT), while US gold futures for August delivery dropped 0.3% to $4,035.80.

Adnan Agar, Director at Interactive Commodities, noted that gold prices had come down a bit in the international market, but warned of potential pressure on the market, especially on gold.

Traders are focusing on upcoming US employment data for signals on the Federal Reserve's rate outlook. Reports also indicate that South Korea's central bank plans to buy gold from local producers.