Pakistani Gold Prices Surge as Global Markets Rebound After Iran Conflict Pause

Gold prices in Pakistan surged on Monday as international markets rebounded after a pause in hostilities between the United States and Iran. The All-Pakistan Gems and Jewellers Sarafa Association reported that the price of 24-carat gold rose by Rs4,000 to settle at Rs431,736 per tola.

The association also noted that ten-gram gold was sold at Rs370,144, reflecting a gain of Rs3,430. This price hike follows Saturday's modest rise of Rs300, when the per-tola rate had closed at Rs427,736.

The global market saw spot gold advance 0.9% to $4,090.79 per ounce by 12:35 pm EDT (1635 GMT), while US gold futures for August delivery climbed 0.5% to $4,093. The US dollar index eased 0.1%, making bullion more accessible and providing additional support to prices.

Bullion traders attributed the day's gains primarily to international price recovery rather than any shift in domestic buying. The combination of a softer dollar, reduced geopolitical risk in oil markets, and anticipation surrounding the Federal Reserve meeting created a favourable backdrop for precious metals.