Pakistan Gold Prices Surge Amid Global Market Shifts
Gold prices in Pakistan have risen due to an upward trend in international markets. The price of gold has increased by Rs6,900 per tola to Rs460,336, while the price of 10 grams rose by Rs5,914 to Rs394,663. This is according to the All Pakistan Sarafa Gems and Jewellers Association.
The increase in gold prices comes as investors closely monitor geopolitical developments in the Middle East and the latest US inflation data for clues about the Federal Reserve's interest-rate policy. Spot gold prices have increased by $69 to $4,378 per ounce in the international market.
Han Tan, chief market analyst at Bybit, said that precious metal has taken the Fed's hawkish signals in stride and found immediate relief from falling oil prices amid hopes that the Fed's hiking cycle will prove shallow. Goldman Sachs expects the impact of tighter monetary policy to be reflected mainly in slower near-term appreciation rather than a lower long-term gold price.
Silver prices have also increased, with the price of one tola rising by Rs300 to Rs7,169. Oil prices fell for a third consecutive session as easing concerns over disruptions to Saudi supplies outweighed worries about the widening conflict in the Middle East.